Moody's lifts Orbital ATK view to stable

Moody's Investors Service said it changed the outlook of Orbital ATK, Inc. to stable from negative and affirmed all of the ratings, including the corporate family rating of Ba2, secured rating at Baa3 and unsecured rating at Ba3.

The agency also upgraded its speculative grade liquidity rating to SGL-2 from SGL-3.

The outlook change follows resolution of the financial restatement and reporting delay that began in August 2016 when Orbital ATK identified a forward loss provision on its largest contract, Moody's explained.

The company restated its financial statements and is current in its filings, bringing the company in compliance with SEC reporting requirements and all other financial reporting requirements under the company's debt agreements, the agency said.

The ratings also reflect the company's solid backlog growth trend and an expectation that its debt-to-EBITDA ratio will be in the low 3x range, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.