Moody’s revises Avanti to stable

Moody's Investors Service said it affirmed the Caa1 corporate family rating and B3-PD probability of default rating of Avanti Communications Group plc.

The agency also affirmed the Caa1 rating on the amended and increased senior secured notes maturing in 2019.

The outlook was changed to stable.

Moody’s said the outlook change reflects its expectation that the additional investment to fund Hylas 4 will weigh on free cash flow, increase debt levels and increase the time frame for deleveraging.

Based on the increased amount of debt, the agency now estimates that Moody's adjusted leverage as at year end 2014 will be significantly above 10x – the expectation at closing of the transaction in October 2013.

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