Moody’s rates Maxar loan, notes B2, view to negative

Moody’s Investors Service said it assigned B2 ratings to Maxar Technologies Inc.'s proposed $1.25 billion senior secured notes and $500 million senior secured revolver.

Moody's also upgraded the company’s probability of default rating to B2-PD from B3-PD.

Proceeds will be used to repay Maxar’s term loans A1, A2 and senior secured revolver.

Moody’s also affirmed Maxar’s B2 corporate family rating and B2 rating on its existing senior secured term loan B.

The agency revised the outlook to negative from stable.

“The negative outlook reflects the company's high leverage, negative free cash flow and execution risks to improving revenue and EBITDA in the next 12 to18 months,” said Peter Adu, Moody's vice president and senior analyst, in a press release.

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