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Recovery Report: DISH Network Corp.'s Recovery Rating Profile Product Image

Recovery Report: DISH Network Corp.'s Recovery Rating Profile

  • ID: 1724259
  • May 2011
  • Standard & Poors

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Standard & Poor's Ratings Services has assigned its issue-level and recovery ratings to Englewood, Colo.-based satellite-TV provider DISH Network Corp.'s proposed $1.75 billion senior unsecured notes issuance. The company intends to use the proceeds for general corporate purposes. We note that DISH recently purchased Blockbuster for $226 million, has committed to acquire 100% of the equity of DBSD North America for $1.4 billion, and its $1 billion of 6 3/8% senior notes mature on Oct. 1, 2011. We simulate a default during 2016, reflecting intense competition from cable-TV and telephone companies. In the event of a default, we expect the company would reorganize rather than liquidate, and have valued the enterprise accordingly in arriving at our recovery estimations. The issuer...

Companies mentioned in this report are: DISH Network Corp.,DISH DBS Corp.

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