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S&P: DigitalGlobe view to stable
Standard & Poor's said it affirmed its BB corporate credit rating on DigitalGlobe Inc. and revised the outlook to stable from negative.
"The outlook revision reflects our belief that leverage will improve to below 4x by mid-2014, a level that we view as more supportive of a 'BB' rating, even if DigitalGlobe is unable to realize all $100 million of its expected operating synergies from the GeoEye transaction," S&P credit analyst Michael Weinstein said in a news release.
Since the transaction closed in January 2013, DigitalGlobe has realized $70 million in run-rate operating synergies, and the agency said it believes the company will realize the majority of the $100 million in transaction synergies by the end of 2014.
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