...NEW YORK (S&P Global Ratings) March 19, 2019--Today, S&P Global Ratings assigned its '##+' issue-level rating and '1' recovery rating to the $500 million secured notes issued by Viasat Inc. The '1' recovery rating indicates our expectation of very high recovery (90%-100%; rounded estimate: 95%) in a default scenario. The company will use proceeds to pay down its existing revolver borrowing and fund future capital expenditures. At the same time, we lowered the existing issue-level rating to 'B+' from '##-' and revised the recovery rating to '5' from '4' on Viasat's senior 5.625% notes due 2025 because there are now more secured claims ahead in the capital structure. The '5' recovery rating indicates our expectation of modest recovery (10%-30%; rounded estimate: 20%) recovery in the event of a default. The '##-' issuer credit rating is not affected by the new issuance and the outlook remains stable because this transaction will be leverage-neutral, with forecasted leverage of about 4.0-4.2x...
