Moody’s withdraws all Avanti ratings

Moody’s Investor Services has withdrawn all ratings on London-based satellite operator Avanti Communications. The move follows a similar ratings decision made last October by Standards & Poors.

The withdrawal includes Avanti’s Ca corporate family rating (CFR), Ca-PD probability of default rating (PDR) and Ca rating on its senior secured bonds. The Moody’s ratings were put in place in February 2017.

Moody’s has withdrawn its ratings “for its own business reasons” but S&P cited “lack of sufficient information” following “repeated attempts to obtain timely and satisfactory information from the company to maintain our rating, in accordance with our applicable criteria and policies”.

Moody’s statement said: “Avanti Communications Group Plc is a fixed-satellite service provider, with licences for three geostationary orbital slots. The company sells satellite data communications services to telecom companies, which supply those to enterprise, institutional and consumer users. Avanti’s first satellite, HYLAS 1, launched in November 2010, was the first Ka-band satellite launched in Europe. Its second satellite, HYLAS 2, was launched in August 2012 and extends coverage to Africa, the Caucasus and the Middle East. HYLAS 3 and HYLAS 4 will complete Avanti’s coverage of EMEA following their expected launches in 2017. Founded in 2002, the present group was formed when the company floated on the Alternative Investment Market in 2007. For fiscal year 2017 (ended 30 June 2017), Avanti reported revenue of $56.6 million and EBITDA of negative $32.5 million.”

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