S&P: PanAmSat on developing watch

Standard & Poor's said it revised the CreditWatch implications for the ratings of fixed satellite services operator PanAmSat Corp. (including the BB corporate credit rating) to developing from positive.

S&P rates PanAmSat's bank loan BB, senior secured debt BB and senior unsecured debt B+.

The agency said the action is based on uncertainty about the financial profile that could result for PanAmSat following The Directv Group Inc.'s consideration of alternatives regarding its 80.5% ownership interest in PanAmSat.

The ratings on PanAmSat were originally placed on CreditWatch with positive implications April 9, 2003 along with all other ratings of Directv, based on the financial and business profile improvements expected following News Corp.'s acquisition of 34% of Directv. All other ratings on Directv remain on CreditWatch with positive implications pending a review of that company's business and financial plans under News Corp. control.

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