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Moody’s changes Gogo view to positive
Moody’s Investors Service said it changed Gogo Inc.’s outlook to positive from stable following the company’s announcement it agreed to sell its commercial aviation business to Intelsat Jackson Holdings SA for $400 million in cash.
Concurrently, Moody’s said it affirmed Gogo’s Caa1 corporate family rating, Caa1-PD probability of default rating and the B3 rating on Gogo Intermediate Holdings LLC’s senior secured notes. The company’s SGL-3 speculative grade liquidity rating is maintained.
“The positive outlook reflects Moody’s expectation that Gogo’s profitability and credit metrics will improve following the close of the transaction. Gogo’s financial strategy, including the extent of debt reduction with the asset sale proceeds, will be an important driver of the credit profile going forward,” Moody’s said in a press release.
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