The rating on Carlsbad, Calif.-based ViaSat Inc. reflects the risks associated with the company's entry into a newer business line than its more traditional government systems and commercial networks segments, with uncertain business prospects and potential for more intense competition than these core businesses. The company has a sustainable position in the government services segment of defense network components and benefits from relatively moderate leverage, at about 2.8x. However, it continues to face substantial capital requirements associated with its satellite launch plans, which include ViaSat 1, which is expected to launch in mid-October, as well as a second planned satellite, ViaSat 2, expected to be launched several years from now. ViaSat's ability to reposition the WildBlue service with the launch
