S&P lifts Hughes Satellite

Standard & Poor’s said it raised the corporate credit rating on Hughes Satellite Systems Corp. to BB- from B+, along with the rating on its senior secured notes to BB+ from B+ with a revised recovery rating to 1 from 3.

The 1 recovery rating indicates 90% to 100% expected default recovery.

The agency also said it raised the rating on the company’s senior unsecured notes to B+ from B- and revised the recovery rating on this debt to 5 from 6.

The 5 recovery rating indicates 10% to 30% expected default recovery.

The outlook is stable.

The upgrades reflect the company’s improved operating performance and credit measures in 2014, S&P said.

The agency said it does not expect the company to materially improve its credit metrics in the near term due to its elevated level of capital spending, the agency said.

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