The ratings on Netherlands-based European Aeronautic Defence and Space Co. N.V. (EADS) are supported by the company's position as one of the two global producers of large commercial aircraft, its competitive product portfolio, and conservative financial policy. The ratings also take into account the cyclicality of the commercial airplane business, the high execution risk related to the group's restructuring program, and potentially negative foreign exchange rate effects. EADS is the world's second-largest aerospace firm, with 2008 revenues exceeding €43 billion. About 60% of sales--primarily relating to the group's fully owned commercial aircraft manufacturer, Airbus--comes from the civil aerospace segment and the remainder mainly from military activities. In the commercial aircraft segment, very strong orders in 2005-2007 and most of 2008
