Orbital Sciences Corp, based in Dulles, Virginia – that means at Washington international airport, presumably, has impressed Moody’s Investors Service Inc enough with the progress of its low earth orbit satellite data service plans that the New York agency has upgraded the convertible subordinated debt rating of the company to B3 from Caa. The rating action reflects the company’s improving profitability and enhanced capital structure following its share offer, but Orbital’s rating continues to be moderated by significant technological risks and competitive concerns, Moody’s added.
