Moody's lifts some Inmarsat ratings

Moody's Investors Service said it assigned a Ba2 corporate family rating to Inmarsat plc, the group's ultimate holding company created to effect Inmarsat's IPO, and withdrew the previous Ba3 corporate family rating at Inmarsat Holdings Ltd.

At the same time, the rating agency upgraded to Ba3 from B1 the rating of the senior notes at Inmarsat Finance plc and to B1 from B2 the rating on the senior discount notes at Inmarsat Finance II plc, two financing vehicles set up in the context of Inmarsat's LBO in 2003.

The outlook is stable.

Moody's said the upgrade reflects the reduction of Inmarsat's operating risk following the deployment of its second Inmarsat-4 satellite and acknowledges that the rollout of the company's broadband global area network appears to be on track.

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