Italian carrier Air One's chief Carlo Toto on Thursday sought to play down concerns the airline could be in financial trouble and confirmed it was willing to do its part to rescue larger rival Alitalia.

Italian newspapers have speculated on various scenarios for Air One's role in such a rescue, including a deal in which Alitalia takes over Air One's key assets such as its fleets and new plane contracts in exchange for an equity stake.

In a letter to employees, Toto said reports on Air One's role were not always accurate and stressed the company's financial position was healthy.

"Ours is a solid company that is facing the difficulties in the sector with a rare vitality and reactive capacity," he wrote. "Despite investing a lot in growth, Air One has a level of debt that is absolutely healthy and -- contrary to as insidiously maintained by some -- is in a large part guaranteed by the value of new aircraft in the fleet."

The Italian government, which owns a 49.9 percent stake in Alitalia, has promised an Italian rescue of the loss-making airline but its latest plan drawn up by an adviser has yet to be unveiled.

Air One has long had its eye on Alitalia, but was passed over in favor of Air France-KLM by Italy's previous government. A takeover by the French airline later fell apart over union opposition.

Toto promised that being involved in the Alitalia rescue would not hurt his airline or its employees.

"Air One is willing to do its part in a relaunch of Alitalia," Toto wrote, "But the company's integrity is not in question."