Fitch places Intelsat on positive watch

Fitch Ratings said it placed the BB- long-term issuer default ratings of Intelsat SA and Intelsat Jackson Holdings SA, and all issue-level ratings on rating watch positive. The outlook was previously stable.

“The RWP reflects Fitch's expectations that SES SA's acquisition of Intelsat, announced on April 30, 2024, will be a credit positive, given SES's (BBB/stable) stronger financial and credit profile,” Fitch said in a press release.

The deal’s total enterprise value is reported at about $5 billion and the transaction is expected to close in the second half of 2025, following regulatory and other customary approvals.

“Fitch expects to resolve the RWP once the transaction is complete under the announced terms, which is expected to take longer than six months, with an expected close in 2H2025,” the agency said.

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