Australian satellite communications provider speedcast international is at risk of breaching covenants or defaulting on its loans over the coming year, according to reports and recent downgrades from rating agencies. S&P cut Speedcast's rating by one notch to CCC with negative outlook, citing heightened risk of a covenant breach or a payment default over the next 12 months, it said on Monday. The move follows a one-notch downgrade to B3 from Moody's on February 5, also with a negative outlook, reflecting uncertainties over Speedcast's ability to improve earnings and liquidity.
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