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S&P rates DISH DBS notes BB-
Standard & Poor's said it assigned its BB- issue-level rating and 4 recovery rating to DISH DBS Corp.'s proposed $2.5 billion of senior unsecured notes.
At the same time, S&P placed the issue-level rating on the proposed notes on CreditWatch with negative implications, in line with the ratings on the company's existing senior unsecured debt.
The agency said it expects net proceeds from the notes to be put into escrow to be used to finance a portion of the cash consideration for DISH's proposed merger with Sprint Nextel Corp., and that the notes would be redeemed in the event the merger did not go through.
The corporate credit rating on DISH is BB- and is on CreditWatch with negative implications.
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