Moody’s revises Orbital ATK to negative

Moody's Investors Service said it changed the outlook of Orbital ATK, Inc. to negative from stable.

All other ratings, including the Ba2 corporate family rating, were affirmed.

Moody’s said the outlook change reflects increasing uncertainty as Orbital’s financial statement filing delay continues, that began in August 2016 when the second quarter 2016 results were due.

Orbital has since obtained another bank facility covenant waiver that extends financial reporting requirements of the credit through Feb. 14, 2017. The waiver sustained revolver borrowing access at least through that time.

The company will need to restate prior financials, likely as far back as fiscal year 2013, the agency added. As well, Orbital indicated that the third quarter 2016 financials will be delayed.

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