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S&P raises Hughes Satellite notes to BB
S&P said it upgraded Hughes Satellite Systems Corp.’s unsecured notes to BB from BB- after the company repaid $900 million of secured notes.
It also raised the recovery rating to 4, indicating an expectation of an average (30%-50%: rounded estimate 45%) recovery in the event of default, from 5.
“We raised our issue-level rating to reflect the better recovery prospects for the noteholders in a simulated default scenario because there are now fewer secured claims ahead of the unsecured notes,” said S&P in a press release.
Hughes has roughly $1.5 billion of cash on its balance sheet, and S&P doesn’t see the need for the company to replace the secured notes.
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