S&P lowers Intelsat to SD

S&P said it lowered its corporate credit rating on Intelsat SA to SD from CC and removed the ratings from CreditWatch, where S&P had placed them with negative implications on Aug. 30.

At the same time, S&P lowered the issue-level rating on Intelsat Jackson's 6 5/8% senior notes due 2022 to D from CC and removed the ratings from CreditWatch negative. The recovery rating is 4, indicating an expectation for average (30%-50%; upper half of the range) recovery for lenders in the event of a payment default. All other issue-level ratings remain unchanged.

“The downgrade follows the close of Intelsat's most recent debt exchange for Intelsat Jackson's 6 5/8% senior notes due 2022,” said S&P credit analyst Rose Askinazi in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.