S&P affirms Orbital Sciences, ups view to positive

Standard & Poor's said it affirmed its ratings, including the BB- senior unsecured debt and corporate credit rating, on Orbital Sciences Corp.

The outlook is revised to positive from stable.

The outlook revision reflects an improving financial profile, moderate debt leverage and good liquidity, S&P said.

The ratings reflect the company's modest size, limited program diversity, the risky nature of the launch business, the possibility of debt-financed acquisitions, a weak commercial space market and some uncertainty regarding future funding for missile defense programs, the agency said.

These factors are offset somewhat by leading positions in market niches, modest debt leverage and currently high levels of defense spending, S&P added.

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