S&P keeps Intelsat, PanAmSat on negative watch

Standard & Poor's said it left the ratings of Intelsat Ltd. and PanAmSat Corp.'s on CreditWatch with negative implications after the company failed to file its 2005 form 10-K by March 31, as required by the Securities and Exchange Commission. The company's bank agreement also required it to provide financial statements by the same date.

Intelsat's lenders are waiving any default that would result from failure to provide required financial statements, effective for 30 days beginning March 30.

S&P said that in an SEC late-filing notice, Intelsat indicated that it has encountered delays and greater complication than anticipated in its year-end reporting process. The exchange offer for notes issued in January 2005 and a required 10-K footnote presenting financial information on debt guarantors and non-guarantors were cited as factors in the delay.

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