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Business briefs: July 30
Posted: Wed, Jul 31, 2002, 7:02 AM ET (1102 GMT)
- Standard and Poors announced Tuesday that it has cut its rating on Orbital Sciences Corporation because of debt concerns. S&P lowered its credit rating on Orbital from B to CCC+, citing $100 million in debt with payment due in October. "Liquidity is likely adequate for day-to-day operations, but is not sufficient to make the debt payment in October," S&P noted in a release. It also lowered the rating on the debt itself from CCC+ to CCC-.
- The launch of a European communications satellite on a Proton has been delayed to November, Space News reported Tuesday. Astra 1-K, an Alcatel Spacebus 3000 spacecraft, was to be launched in August on a Proton from Baikonur. Additional tests of several unspecified satellite components were blamed for the delay.
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