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Moody's Investor Service lowered its main credit rating for EADS, the make of Airbus plans, citing the European aerospace giant's overhaul of its ownership structure.
The rating agency on Thursday lowered its rating for EADS by one notch to A2, a level which is still in the "upper-medium grade" on Moody's credit rankings.
EADS on Wednesday announced a sweeping change to its shareholding structure which will see overall government influence by state shareholders France and Germany shrink.
Moody's pointed out that the planned changes will result in a lower degree of government influence and control but also less chance of government support.
The rating outlook remains stable. EADS shares rose €2.02 to €29.25 in afternoon trading.