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Moody’s rates Orbital ATK loan Baa3, notes Ba3
Moody's Investors Service said it assigned a Baa3 rating to Orbital ATK, Inc.’s senior secured bank credit facility and a Ba3 rating to its senior unsecured notes.
The agency also affirmed the Ba2 corporate family rating, Ba2-PD probability of default rating and the Ba3 rating on Orbital’s existing senior unsecured notes.
The speculative grade liquidity rating was raised to SGL-2 from SGL-3.
The outlook is stable.
Orbital plans to refinance its existing $1.3 billion of senior secured credit facility borrowings with about $900 million of new senior secured and $400 million of unsecured debt. While the transaction does not change the company’s debt balance, a relatively larger unsecured debt class would result and reduce the expected loss of the senior secured debt.
As a result, the agency is upgrading the senior secured rating, which will be assigned to the planned credit facility.
The Ba1 rating on the existing bank credit facility will be withdrawn when the facility is repaid.
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