Credit rating slips for owner of rail company

The parent firm for the city's top contractor is struggling with debt and project reductions

By Kevin Dayton

POSTED: 01:30 a.m. HST, Nov 19, 2012

~~<p>The Italian parent company of one of the largest contractors working on the Honolulu rail project now has a credit rating just above junk-bond status, and officials with the Honolulu Authority for Rapid Transportation want assurances that that won't affect the $5.26 billion project.</p>
<p>A report by Fitch Ratings on Thursday noted that Italian defense and aerospace company Finmeccanica SpA is struggling with large amounts of debt and reductions in defense spending in its primary markets, which include Europe and the United States.</p>
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The Italian parent company of one of the largest contractors working on the Honolulu rail project now has a credit rating just above junk-bond status, and officials with the Honolulu Authority for Rapid Transportation want assurances that that won't affect the $5.26 billion project.

A report by Fitch Ratings on Thursday noted that Italian defense and aerospace company Finmeccanica SpA is struggling with large amounts of debt and reductions in defense spending in its primary markets, which include Europe and the United States. Login for more...