S&P cuts DirecTV Holdings

S&P said it lowered its issue-level ratings on DirecTV Holdings LLC's remaining unsecured debt to B from BBB and removed the rating from CreditWatch, where it was placed with negative implications on March 1, following the closing of DirecTV's spin-off from AT&T.

“Our recovery rating on the unsecured notes, which total about $195 million, is 6. This indicates our expectation for negligible recovery (0%-10%; rounded estimate: 0%) in a simulated default scenario. As a result, we rate the unsecured debt two notches below our BB- issuer credit rating on parent DirecTV Entertainment Holdings LLC,” the agency said in a press release.

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