S&P rates GeoEye notes 4

Standard & Poor's said it assigned a recovery rating of 4 to GeoEye Inc.'s $250 million of floating-rate senior secured notes due 2012, indicating 30% to 50% recovery, and affirmed the B- issue-level rating.

The issuer has a B- corporate credit rating.

Ratings reflect high business risk because of revenue concentration from a U.S. government contract, disproportionate reliance on the successful launch of a new satellite and weak near-term cash flow, the agency said.

These risks are tempered by the company's position as one of only two providers of commercial satellite imagery services and by rising demand for such services, S&P said.

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