S&P ups Orbcomm view to positive

S&P said it revised its outlook on Orbcomm Inc. to positive from stable and affirmed the B corporate credit rating.

S&P also affirmed the B issue-level rating on the company's $250 million 8% senior secured notes due in 2024. The recovery rating remains 3, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default.

The company's $25 million senior secured revolving credit facility maturing in 2022 is unrated.

“The outlook revision reflects our expectation that Orbcomm’s good operating performance over the last year will lead to a material improvement in credit metrics over the next year,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.