Fitch Affirms Rolls-Royce at ‘A’; Outlook Stable

Fitch Ratings has affirmed Rolls-Royce Holdings plc’s Long-Term Issuer Default Rating (IDR) and senior unsecured rating at ‘A’. The Outlook on the Long-Term IDR is Stable. The affirmation reflects the company’s recent and expected financial performance meeting Fitch’s expectations and in line with the ‘A’ rating. Earnings and cash flows in 2015 are likely to be somewhat lower than in 2014, but we expect restructuring measures to lead to a recovery of key metrics over the medium term. In particular, short-term pressure on credit metrics driven by transition to new programmes and weakness in the marine division will be limited