- Language: English
- Published: December 2012
Satelites Mexicanos Corporate Credit Rating Lowered to 'D' After Missed Interest Payment Aug 03
- ID: 1802730
- August 2003
- Standard & Poors
NEW YORK (Standard & Poor's) Aug. 6, 2003-Standard & Poor's Ratings Services said today it lowered its local and foreign currency corporate credit ratings on Mexican fixed satellite services provider Sat-lites Mexicanos S.A. de C.V. (Satmex) to 'D' from 'CCC+' following a missed interest payment on Aug. 1, 2003 on the company's US$320 million 10.125% senior notes due Nov. 1, 2004. The rating on the notes was lowered to 'D' from 'CCC-'. The rating on the company's Senior Secured Floating Rate Notes due June 29, 2004 was lowered to 'CC' from 'CCC+'. The company's debt totaled US$524 million as of June 30, 2003. "According to the original terms of the indentures, Satmex has 30 days to make the interest payments,"...
Companies mentioned in this report are: Satelites Mexicanos, S.A. de C.V.,Loral Space & Communications Ltd.
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.
Satelites Mexicanos, S.A. de C.V.,Loral Space & Communications Ltd.