Fitch downgrades Eutelsat

Fitch Ratings said it downgraded Eutelsat Communications SA's senior unsecured rating to B+ from BB- and Eutelsat SA's senior unsecured debt to BB- from BB. Their recovery ratings remain RR5 and RR4, respectively.

The agency also lowered Eutelsat’s long-term issuer default rating to BB- from BB.

“The downgrade reflects Eutelsat's significantly higher leverage and slower progress with monetizing OneWeb infrastructure following the company's downward revision of its FY24 (financial year ending June 2024) revenue and EBITDA guidance,” Fitch said in a press release.

The outlook is negative.

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