Speedcast Ratings Update
London, Nov 5, 2019 AEST (ABN Newswire) - Speedcast International Limited (
ASX:SDA) (7SC:FRA) (SPPDF:OTCMKTS), the world's most trusted provider of remote communication and IT solutions, advises that S&P Global has lowered its issuer credit rating to B- from B, and maintained the outlook as Negative.
As previously disclosed, Speedcast does not have a ratings covenant in its debt facilities and this change has no direct impact on funding costs.
Speedcast continues to pursue a range of operational initiatives to improve its cost profile, working capital and cash flow performance, as well as other initiatives to improve the group's financial position. These were outlined to the market at the time of the Company's 1H19 results release and are starting to deliver improvements in some areas.
About Speedcast International Ltd
Speedcast International Ltd (ASX:SDA) is the world's most trusted communications and IT services provider, delivering critical communications solutions to the Maritime, Energy, Mining, Media, Telecom, Cruise, NGO, Government, and Enterprise sectors. With more satellite capacity than any other provider, Speedcast enables faster, seamless pole-to-pole coverage from a global hybrid satellite, fiber, cellular, microwave, MPLS, and IP transport network with direct access to public cloud platforms. The company also integrates differentiated technology offerings that provide smarter ways to communicate and distribute content, manage network and remote operations, protect and secure investments, and improve the crew and guest experience. With a passionate customer focus and a strong safety culture, Speedcast serves more than 3,200 customers in over 140 countries. Learn more at www.speedcast.com.
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