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S&P may cut DigitalGlobe
Standard & Poor's said it placed its ratings on DigitalGlobe Inc., including the BB corporate credit rating, on CreditWatch with negative implications.
The agency said the CreditWatch listing reflects the potential for higher leverage following the acquisition of GeoEye Inc., which the companies expect to complete by the first quarter of 2013, subject to regulatory and shareholder approvals.
DigitalGlobe plans to refinance GeoEye's debt in the weeks leading up to the acquisition closing. The agency said the company will also likely issue preferred shares to Cerberus, which would receive 50% debt treatment under S&P's adjustments.
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