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Satelites Mexicanos Corporate Credit Rating Lowered to 'D' After Missed Interest Payment Aug 03 Product Image

Satelites Mexicanos Corporate Credit Rating Lowered to 'D' After Missed Interest Payment Aug 03

  • Published: August 2003
  • Standard & Poors

Abstract
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.
Action: Downgraded

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Satelites Mexicanos, S.A. de C.V.,Loral Space & Communications Ltd.

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