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S&P rates DISH DBS notes B+
S&P said it rated DISH DBS Corp.’s planned $4 billion of senior secured notes B+ issue and 1 recovery ratings. The agency also affirmed the company’s B- issuer credit rating on Dish DBS and B- issue-level ratings on the unsecured debt. The 3 recovery rating is unchanged.
“We affirmed the B- issue-level rating on Dish DBS' existing unsecured debt. Although the issuance of $4 billion of secured debt at Dish DBS reduces recovery prospects for unsecured lenders with respect to the pay-TV assets, we believe this is offset by a senior position on the spectrum assets. Therefore, our 3 recovery rating, which indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of payment default, is unchanged,” S&P said in a press release.
DISH DBS will loan the proceeds to its parent Dish Network Inc.
The outlook is stable.
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