Our 'B+' rating on ViaSat Inc. is derived from: Our anchor of 'b+', based on our "weak" business risk and "aggressive" financial risk profile assessments for the company. The modifiers had no impact on the rating outcome. Fairly predictable near-term demand from government and commercial customers; Improved speed of the company's Exede satellite broadband product; High revenue concentration with government business of about 42%; and Narrow target niche for consumer satellite-based broadband. Capital-intensive business plan, including construction and the launch of a new satellite, and satellite broadband subscriber acquisition costs; and Our expectation for negative free operating cash flow (FOCF) over at least the next few years. We expect the company's commercial and government businesses to provide predictable levels of
