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Moody's: Hughes view to negative
Moody's Investors Service said it changed Hughes Satellite Systems Corp.'s ratings outlook to negative from stable while affirming the company's B2 corporate family rating, B2-PD probability of default rating, Ba3 senior secured notes' rating, B3 senior unsecured notes rating and SGL-3 speculative grade liquidity rating (indicating adequate liquidity).
Moody's said the outlook revision was prompted by the potential of the company needing additional debt (either in the public markets or by way of intercompany debt) to fund its recently announced Jupiter 2/EchoStar XIX satellite. Because Hughes has only about $195 million of cash and marketable securities and is not cash flow positive, Moody's said the company will require external financing to fund the $400 million to $600 million that the agency estimates is required to construct and launch the satellite by 2016.
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