S&P revises Maxar to negative

S&P said it revised its outlook on Maxar Technologies Ltd. to negative from stable and affirmed all of its ratings, including our BB corporate credit rating.

The agency said the negative outlook reflects that Maxar's lower-than-anticipated earnings and revenue will cause its credit ratios to be weaker than previously expected for 2018.

“The company's performance has been negatively affected by the slower-than-expected recovery in the communications satellite market and delays on its other programs,” S&P said in a news release.

The agency said it expects the company's debt-to-EBITDA metric to be 4.5x-5.0x in 2018.

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