S&P lifts Inmarsat to stable

Standard & Poor's said it revised its outlook on Inmarsat Holdings Ltd. and related entities Inmarsat Investments Ltd. and Inmarsat Ventures Ltd. to stable from negative.

At the same time, the agency said it affirmed the BB+ long-term corporate credit ratings on Inmarsat, Inmarsat Investments and Inmarsat Ventures.

The agency said it also affirmed the BBB issue rating on the $750 million senior secured debt issued by Inmarsat Investments. The recovery rating on the senior secured debt is 1.

The agency said it also affirmed the BB+ issue rating on the $850 million senior unsecured notes issued by Inmarsat Finance plc. The recovery rating on the senior unsecured notes is 4.

The outlook revision reflects S&P's view that operating performance will remain stable in 2012 to 2013 ahead of the launch of four new satellites that are likely to support long-term growth. S&P said it thinks free operating cash flow will gradually improve after being negative in 2012.

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