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Moody's cuts Hughes Network
Moody's Investors Service said it downgraded Hughes Network Systems, LLC's speculative grade liquidity rating to SGL-3 from SGL-2. The company's corporate family rating and probability of default rating were affirmed at B1, senior secured bank credit facility at Baa3 (LGD2, 11%), senior unsecured bank credit facility at B1 (LGD4, 53%) and senior unsecured regular bond/debenture at B1 (LGD4, 53%).
The outlook remains stable.
The downgrade reflects erosion of the company's liquidity cushion as capital expenditures accelerate while latent recessionary pressures limit the expansion of internally generated cash flow, Moody's said.
But the erosion is not of a magnitude that affects the corporate family or probability of default ratings, the agency said.
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