Sat?lites Mexicanos S.A. de C.V. Ratings Remain on CreditWatch Negative Dec 02
- ID: 1802235
- December 2002
- Standard & Poors
NEW YORK (Standard & Poor's) Dec. 24, 2002-Standard & Poor's Ratings Services said today that its 'CCC+' corporate credit rating on Mexican satellite services company, Sat-lites Mexicanos S.A. de C.V. (Satmex) remains on CreditWatch with negative implications where it was placed on Nov. 8, 2002. Satmex's debt totals about US$530 million. "Although Satmex successfully completed its consent and waiver solicitations requested on Nov. 4, 2002, to amend its insurance covenant and the terms of the indenture that restricted Satmex's ability to amend the insurance covenant in the senior notes indenture, Standard & Poor's is still concerned with Satmex's financial profile because of its high debt levels coupled with lower revenues and cash flows, and tight liquidity," said Standard & Poor's...
Companies mentioned in this report are: Satelites Mexicanos, S.A. de C.V.,Innova S. de R.L. de C.V.
Action: CreditWatch Update
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.