MUMBAI (Thomson Financial) - Moody's Investors Service said it has upgraded
US-based commercial satellite imagery company GeoEye Inc.'s corporate family
rating to 'Caa1' from 'Caa2' and the speculative grade liquidity rating to
'SGL-2' from 'SGL-3'.
Moody's said the ratings were prompted by the combination of ongoing
financial performance, a significant cash balance, and disclosure that a key
asset driving financial results -- the IKONOS high-resolution imaging satellite
-- is now expected to have a useful life that extends "at least through 2010".
The speculative grade rating was upgraded as Moody's believes that despite
the delay in launch of the company's next generation high resolution satellite,
there will be more than sufficient cash flow during the intervening period.
Also, Moody's has revised the company's probability of default rating upward
to 'B3' from 'Caa1' on reduced uncertainty.
TFN.newsdesk@thomsonreuters.com
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