Moody’s cuts Dish, rates notes B2

Moody’s Investors Service said it downgraded DISH Network Corp.’s corporate family rating to B1 from Ba3, probability of default rating to Ba3-PD from Ba2-PD and senior unsecured debt ratings to B1 from Ba3.

Moody’s also downgraded DISH DBS Corp.’s, a wholly-owned subsidiary of DISH Network, to B2 from B1, its PDR rating to B1-PD from Ba3-PD, senior unsecured debt ratings to B2 from B1 and assigned a B2 rating to DBS’ proposed new $1 billion of senior unsecured notes.

DISH’s speculative grade liquidity rating is unchanged from SGL-2.

The actions conclude the review started on July 29, prompted by DISH’s and DISH DBS’ already limited financial capacity for higher debt and leverage for their present credit ratings and an agreement reached by DISH, the Department of Justice, T-Mobile USA, Inc. and Sprint Corp. to acquire Sprint’s prepaid wireless service businesses and wireless spectrum assets, Moody’s said.

The outlook is stable.

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