Moody's affirms Airvana

Moody's Investors Service said that Airvana Network Solutions Inc.'s proposed amendment to its senior secured term loan will not affect the company's B3 corporate family rating, probability-of-default rating and the senior secured term loan rating of B3 (LGD4, 50%).

The proposed amendment will reduce the excess cash flow sweep for the September and December quarters, according to the agency.

The outlook is stable.

Airvana's B3 corporate family rating reflects the dual nature of the company's strong position as the supplier of critical software, the agency said.

Ratings are tempered by the project finance nature of the company's revenue stream over the next several years, the agency noted.

Ratings are also supported by Airvana's very good liquidity, modest leverage, limited capital expenditure needs and robust current free cash flow generation, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.