Moody’s raised Intelsat’s corporate family rating to B3...
Moody’s raised Intelsat’s corporate family rating to B3 from Caa1. The rating action concludes a review initiated April 2 when Intelsat’s parent company, Intelsat S.A., “announced an equity issue with most of the proceeds reducing debt at Intelsat and its…
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subsidiaries,” Moody’s said (http://bit.ly/ZrV9cM). “With the review concluded, Intelsat’s ratings outlook was changed to stable.” The satellite company’s speculative grade liquidity rating was affirmed at SGL-2, an assessment that relies on about $387 million of net insurance proceeds from Intelsat 27, “customer pre-payments exceeding non-cash deferred revenues by $100 million,” and other factors, it said.