To assist debt and fixed income investors to better evaluate the risk of any given investment, the capital market uses the publicly available independent assessments of rating agencies. Through regular discussions with the senior management of companies, rating agencies gain an insight into the strategy and planning of the companies that they rate. Using this information as a base, supplemented by quantitative analysis, rating agencies evaluate the creditworthiness of the issuer companies through a system of rating classifications. Companies which want to raise money in the capital markets in the form of bonds, commercial paper and other debt instruments normally need a minimum of one or, better, two ratings.

The leading international rating agencies are Standard & Poor's, Moody's Investors Service and Fitch Ratings.

Current Ratings

Rating Agency / Analyst Short Term Long Term Outlook Last Update             

Standard & Poor's
Werner Stäblein

A-1 A stable 06 September 2013 

Moody's Investors Service
Russell Solomon

Not rated A2 stable 28 June 2013
Fitch Ratings (unsolicited)
Tom Chruszcz
F2 A- stable 21 November 2013


The higher the rating classification is, the smaller is the potential risk that a company cannot meet its debt obligations (interest and principal). The debt investor charges a higher rate of interest for financing a higher risk. Thus a company with a strong rating can raise capital more advantageously than a company which has a less favourable rating. Additionally, the outlook given by a rating agency provides a supplementary reference point for the investor in assessing the probable development of the rating.

Rating History

 Standard & Poor's Rating History

Short Term Long Term Outlook Rating Action
 A-1  A  stable  06 September 2013
 A-1  A -  positive  02 October 2012
 A-2  A -  positive  20 September 2011
 A-2  A -  stable  22 September 2010
 A-2  BBB+  stable  10 May 2007
 A-2  A -  Negative watch  11 October 2006
 A-1  A  Negative watch  3 October 2006
 A-1  A  negative  14 June 2006
 A-1  A  stable  30 April 2004
 A-1  A  negative  3 September 2003
 A-1  A  Negative watch  18 March 2003
 A-1  A  stable  8 January 2001


 Moody's Rating History

Short Term Long Term Outlook Rating Action
NR A2 stable 6 December 2012
NR A1 stable 9 March 2007
NR A1 negative watch 22 September 2006
NR A1 stable 23 June 2005
NR A3 stable 15 March 2002
NR A2 negative watch 27 September 2001
NR A2 stable 8 March 2001


 Fitch Rating History

Short Term

Long Term Outlook Rating Action
F2 A- stable 29 October 2013
F2 BBB+ positive 21 September 2012
F2 BBB+ stable 8 February 2008
F2 A- negative 12 March 2007
F2 A- negative watch 10 October 2006
F1 A negative watch 4 October 2006
F1 A negative 14 June 2006
F1 A stable 9 July 2004


Credit analysts' coverage

Bank  Name
Barclays Darren Hook
BNP-Paribas Jean-Yves Coupin
Commerzbank Patrick Kohlmann
Citigroup Bob Buhr
Credit Suisse Ben Maurer 
Dresdner Bank Arndt Muthreich
HSBC-CCF Philippe Landroit 
Société Générale Roberto Pozzi
Unicredit  Jana Arndt


indicative list only: the present list does not purport to be comprehensive nor does Airbus Group recommend any analyst's work in particular.