Moody's turns Ligado view to negative

Moody's Investors Service said it affirmed Ligado Networks LLC’s Caa2 corporate family rating and changed the outlook to negative from stable. The agency also affirmed Ligado's Caa2-PD probability of default rating, Caa1 rating on the company's $2.85 billion of senior secured first-lien notes due November 2023 and Ca rating on the company's $1 billion of senior secured second-lien notes due May 2024, both reflecting initial October 2020 issuance amounts.

“The outlook change reflects governance considerations, specifically Moody's view that Ligado currently lacks sufficient liquidity to meet its cash requirements for a period of at least 18 months. The outlook could be stabilized if Ligado were to advance progress on the development of a commercial ecosystem for deployment of its spectrum in public and private networks, which could attract new capital sufficient to fund its business,” the agency said in a press release.

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