S&P affirms Avanti notes

Standard & Poor’s said it affirmed its B issue rating and 2 recovery rating on the existing senior secured notes issued by Avanti Communications Group plc after the company announced that it proposed to tap the notes for $150 million.

The recovery rating on the senior secured notes of 2 reflects an expectation of substantial (70%-90%) recovery prospects in the event of a hypothetical default, although recoveries are expected to be at the lower end of this range.

S&P said its recovery and issue ratings on the senior secured notes reflect S&P’s view that the security package provided to senior secured lenders is comprehensive, including pledges over Avanti's satellites, and S&P’s view that the U.K. jurisdiction is relatively favorable for senior secured lenders in the event of a default.

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