Moody's ups GeoEye, rates notes B1

Moody's Investors Service said it assigned a B1 rating to GeoEye, Inc.'s proposed $350 million senior secured note issuance.

The company will use the note issuance proceeds largely to refinance existing debt and for general corporate purposes.

Moody's said it upgraded GeoEye's corporate family rating to B1 from Caa1 and its probability of default rating to B1 from B3, as the company's credit profile has significantly improved. Moody's also upgraded the company's liquidity rating to SGL-1 from SGL-2, as a result of the additional cash that the company will have on hand following the issuance of the new notes and the enhanced operating cash flow that the company expects to generate from the GeoEye-1 satellite.

In addition, Moody's said it upgraded the ratings on the company's existing notes to B1.

The outlook is stable.

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