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S&P: Hughes Communications view stable
Standard & Poor's said it assigned a B rating to Hughes Network System LLC's $125 million of 9½% senior notes due 2014 with 4 recovery rating.
The B corporate credit rating on parent Hughes Communications Inc. was affirmed and the outlook revised to stable from positive.
Proceeds will be used for general corporate purposes.
"The change in outlook reflects our view that, as a result of the new notes, the improvements in leverage and free cash flow that we expected in 2009 will be delayed for at least a year," S&P analyst Naveen Sarma said in a statement.
Adjusted leverage, pro forma for the new notes, will rise to 5.4x from 4.7x.
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