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Moody's ups ViaSat to SGL-2
Moody's Investors Service said it affirmed the Ba3 corporate family and probability of default ratings for ViaSat Inc.
The agency also said it upgraded its speculative-grade liquidity rating to SGL-2 from SGL-3. Its senior unsecured regular bond/debenture was unchanged at B1, but the loss-given-default assessment was revised to LGD 5, 76% from LGD 5, 73%.
The outlook remains stable.
The liquidity rating revision results from the company's recent upsize and extension of its revolving term loan facility, Moody's said.
With a $45 million cash balance and a newly upsized and extended $325 million revolving term loan that is substantially undrawn, ViaSat has more than ample sources of funding to cover anticipated disbursements, the agency said.
Despite the cash drain, Moody's said it does not expect financial covenant compliance issues to constrain access to liquidity.
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