Moody's downgrades Inmarsat

Moody's Investors Service said it downgraded Inmarsat plc's corporate family rating to Ba2 from Ba1 and probability of default rating to Ba2-PD from Ba1-PD.

The agency also said it downgraded the ratings on Inmarsat Finance plc's $1 billion senior unsecured notes due 2022 and $400 million senior unsecured notes due 2024 to Ba3 from Ba2.

The ratings are unconditionally guaranteed by Inmarsat Group Ltd. and Inmarsat Investments Ltd.

The outlook is stable.

The downgrades reflect an expectation that from 2018 through 2019, Inmarsat's leverage and free cash flow will continue to be weak, Moody's said.

The downgrades also consider Inmarsat's decision to significantly reduce its dividend payout and maintain its net leverage policy, the agency said.

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