Speedcast International Ltd.#s First-Lien Loan Rated #BB-#

Stocks and Financial Services Press Releases Thursday May 17, 2018 09:31
MELBOURNE--17 May--S&P Global Ratings

MELBOURNE (S&P Global Ratings) May 17, 2018--S&P Global Ratings today said that it had assigned its 'BB-' issue rating with a recovery rating of '3' to the secured first-lien US$425 million term loan B issued by SpeedCast Communications Inc. (BB-/Stable) and guaranteed by Speedcast International Ltd. (BB-/Stable). The '3' recovery rating indicates our expectation for meaningful recovery of 50% in the event of a payment default. The issue rating on the loan is in line with the issuer credit rating on Speedcast International.

The rating on Speedcast International reflects our assessment of the company's leading position in the niche remote satellite services market, the industry's modest barriers to entry, and variable end-market demand. Other rating factors include the company's capital-light operating model, limited track record in its current business configuration, likelihood of ongoing corporate activity, and supportive financial policies at the 'BB-' level.


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