Electronic logging device and Internet of Things provider Orbcomm and its parent saw their debt ratings affirmed by Moody’s, but they remain deep in speculative territory.
Orbcomm’s parent, GI DI Orion Acquisition, which acquired then publicly traded Orbcomm in April 2021 for approximately $1.1 billion, saw its corporate family rating affirmed at Caa1 and Caa1-PD for the probability of default. GI DI Orion Acquisition is the entity that private equity firm GI Partners established to acquire...