Intelsat S.A. Ratings Are Lowered To #CC# From #CCC# And Placed On CreditWatch Negative On Exchange Offer

Stocks and Financial Services Press Releases Wednesday August 31, 2016 08:56
NEW YORK--31 Aug--S&P Global Ratings

NEW YORK (S&P Global Ratings) Aug. 30, 2016--S&P Global Ratings lowered its corporate credit rating on Intelsat S.A. as well as the issue-level rating on the 6.625% notes due 2022 issued at Intelsat Jackson Holdings S.A. to 'CC' from 'CCC'. We also placed these ratings on CreditWatch with negative implications. All other issue-level ratings remain unchanged.

"The downgrade reflects Intelsat's launch of a distressed exchange offer that we would consider a selective default because the combination of cash and new securities offered is less than the original par amount of the notes," said S&P Global Ratings credit analyst Rose Askinazi.

We plan to resolve the CreditWatch placement in the coming weeks, and lower our corporate credit rating on Intelsat to 'SD' and our issue-level rating on the company's 6.625% notes to 'D' once the distressed exchange is complete.

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