Moody's may upgrade PanAmSat

Moody's Investors Service said it has placed the debt ratings for PanAmSat Holding Corp. and the company's operating subsidiary, PanAmSat Corp. (B1 senior implied), under review for possible upgrade based on its announcement it is to issue $1.0 billion of equity in an initial public offering, of which a portion is expected to be used to reduce debt.

The ratings placed under review for PanAmSat Holding Corp. include the senior implied rating of B1; issuer rating of B1; and $250 million of senior discount notes rated Caa1. The ratings placed under review for PanAmSat Corp. include the $2.460 billion senior secured bank debt of B1; $150 million of senior secured notes due 2008 of B1; $125 million senior secured notes due 2028 of B1; and $1.010 billion senior unsecured notes due 2014 of B2.

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