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Summary: ViaSat Inc.
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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 2.5x. However, it faces substantial capital requirements associated with its launch of satellite ViaSat 1 in the second half of 2011. ViaSat's ability to reposition the WildBlue service with the launch of ViaSat 1 to a higher speed, more robust product will provide an important competitive differentiator over the longer term, given Standard...
Companies mentioned in this report are: ViaSat, Inc.