Moody's keeps Telesat's ratings, outlook stable

TORONTO - Moody's Investors Service has affirmed Telesat’s ratings and said that its outlook remains ‘stable’.Moody’s said Friday that Telesat’s B2 corporate family and probability of default ratings (CFR and PDR, respectively) “reflects our view that the company's strong underlying business fundamentals (which include a substantial $5.8 billion contracted revenue backlog that provides good earnings visibility, low operating costs that result in strong +70% EBITDA margins) have been substantially exploited by way of a significant debt load and accompanying interest burden.”As well, the company's speculative grade liquidity rating remains unchanged at SGL-3 (adequate liquidity) and the ratings outlook remains ‘stable’.www.moodys.comwww.telesat.com