Moody's rates Intelsat Jackson loans B1

Moody's Investors Service said it assigned Intelsat Jackson Holdings SA's new $2.85 billion credit facilities, comprised of a $2.35 billion six-year senior secured term loan and $500 million revolver, a B1 (LGD1, 6%) rating, and affirmed its senior guaranteed regular bond/debenture B3 rating (LGD3, 35% from 33%) and senior regular bond/debenture Caa2 (LGD4, 65%) rating.

Moody's said it also affirmed Intelsat SA's Caa1 corporate family and probability of default ratings as well as the SGL-3 speculative grade liquidity rating and senior regular bond/debenture Caa3 rating (LGD 6, 96% from 95%).

Moody's also affirmed the senior regular bond/debenture rating for Intelsat (Luxembourg) SA's at Caa3 (LGD5, 83% from 84%), Intelsat Intermediate Holding Co. SA at Caa2 (LGD4, 59%), Intelsat Subsidiary Holding Co. SA at B3 (LGD3, 35% from 33%) and Intelsat Corp. at B3 (LGD3, 35% from 33%).

The outlook is stable.

The ratings reflect Intelsat's strong business profile, a growing demand stemming from the world's seemingly insatiable appetite for broadband capacity and a stable contract-based revenue stream with a strong revenue backlog booked with well-regarded customers.

The debt-to-EBITDA ratio is 8.6 times.

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