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Inmarsat rating placed on credit watch with negative implications by S&P


Published : Wed, 21 Mar 2007 08:42
By : Agencies
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LONDON (AFX) - Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit ratings of Inmarsat Ventures Ltd and related entities on negative credit ratch after the group decided to raise and fully guarantee a new loan of 411.5 mln usd to assist a third-party purchase of Newfoundland-based Stratos Global Corp.

S&P said the rating watch reflect the possibility that a higher-than-expected debt burden could weaken Inmarsat's credit quality.

S&P also affirmed '1' recovery rating on Inmarsat Investments Ltd's senior secured 550 mln usd bank loan.

Stratos Global is beeing acquired by an investment company CIP UK for a total consideration of 576 mln usd including a net debt of 327 mln usd.

S&P said it will review credit watch placement after it gets clarity on whether Inmarsat will refinance any, or potentially all, of Stratos' debt, which is expected to take place after the completion of acquisition of Stratos by CIP.

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