Communications and IT Services Provider Speedcast (ASX:SDA), has announced that S&P Global has lowered its issuer credit rating to B- from B, and maintained the outlook as Negative.
As previously disclosed, Speedcast does not have a ratings covenant in its debt facilities and this change has no direct impact on funding costs.
Speedcast says it continues to pursue a range of operational initiatives to improve its cost profile, working capital and cash flow performance, as well as other initiatives to improve the group’s financial position.
The news comes on the back of the appointment of Peter Myers as Chief Financial Officer yesterday.
Shares in Speedcast (ASX:SDA) are trading 5.53 per cent lower at $0.94.