Moody's raises Orbital Sciences

Moody's Investors Service said it upgraded the ratings of Orbital Sciences Corp. based on the advances the company has made over the last four quarters in respect to improvements in cash flow and operating metrics.

Moody's upgraded the senior implied rating to Ba3 from B1 and the $135 million 9% senior notes due 2011 to B1 from B2. The issuer rating is B1.

The outlook remains stable.

Moody's said the ratings reflect the advances the company has made operationally over the past year following the wind down of its investments and operating relationships with certain satellite services operations in 2002 and 2003, the favorable outlook for defense spending especially for missile defense, and the company's good contracted backlog position. However, the ratings are still constrained by the company's single-digit operating margins and returns.

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