Moody's rates Inmarsat notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to the proposed $1 billion of senior notes due 2022 to be issued by Inmarsat plc's subsidiary, Inmarsat Finance plc, and affirmed Inmarsat's corporate family rating at Ba1 and probability of default rating at Ba1-PD. The outlook is stable.

Proceeds from the proposed new notes will be used to repurchase the existing $850 million senior notes at Inmarsat Finance and for general corporate purposes.

The agency said Inmarsat's Ba1 corporate family rating reflects its solid operating performance, leading global market position in the mobile satellite services industry and large installed customer base.

The Ba1 corporate family rating also considers the competition from other industry players, from operators of fixed satellite services and (on land) from terrestrial cellular networks, concentrated ownership of third-party distribution and a degree of execution risk on deploying the planned Inmarsat-5 satellite constellation, Moody's said.

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