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S&P reviews DigitalGlobe
S&P said it placed its ratings, including the BB corporate credit rating, on DigitalGlobe Inc. on CreditWatch with developing implications.
The CreditWatch placement follows MacDonald, Dettwiler and Associates Ltd.’s announcement that it will acquire DigitalGlobe for $2.4 billion, using a combination of cash and stock.
The agency expects the proposed transaction will result in higher leverage, at least 4 times, which is above the current threshold for the rating.
Still, S&P said it believes the transaction offers certain business benefits, including greater scale and improved customer and geographic diversification.
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