S&P lifts Orbital Sciences

Standard & Poor's said it raised its ratings, including the corporate credit rating to BB from BB-, on Orbital Sciences Corp.

The outlook is stable.

"The upgrade reflects stronger credit protection measures, resulting from improved profitability and cash generation, ample liquidity and good end market demand," said S&P credit analyst Christopher DeNicolo.

S&P added that the ratings on Orbital reflect the company's modest size compared with competitors, limited program diversity, the risky nature of the launch business and the possibility of debt-financed acquisitions.

These factors are offset somewhat by leading positions in market niches, modest debt leverage, ample liquidity and currently high levels of defense spending, the agency said.

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