Moody's changes Orbcomm view to negative

Moody's Investors Service said it changed Orbcomm Inc.'s outlook to negative from stable and affirmed the company's B3 corporate family rating, B3-PD probability of default rating and B3 ratings on its senior secured first-lien revolving credit facility and senior secured first-lien term loan.

At the same time, Moody's assigned a B3 CFR, B3-PD PDR and a negative outlook to Orbcomm's parent, GI DI Orion Parent LP and will withdraw the CFR and PDR at Orbcomm.

Orbcomm, the borrower of the rated debt, is the main operating company but does not file financial statements so Moody's said it will rate the company using GI DI Orion's financial statements.

"The outlook change reflects the company's weak operating performance, which has lasted longer than we expected", said Peter Adu, a Moody's vice president and senior credit officer, in a press release.

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