S&P affirms Telesat Canada

S&P said it affirmed its BB- long-term issuer credit rating on Telesat Canada. The outlook is stable.

At the same time, S&P affirmed its BB- and B issue-level ratings on the company's secured and unsecured debt, respectively. The recovery ratings on the secured and unsecured debt are unchanged at 3, indicating meaningful (50%-70%, rounded estimate 65%) and 6 indicating negligible (0%-10%, rounded estimate 0%) recovery, respectively.

“The affirmation reflects our view that, in spite of weakening industry fundamentals, Telesat's measured strategy will continue to protect the company from significant cash flow declines and weakening credit metrics,” S&P said in a news release.

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