Fitch ups DISH convertibles, rates convertibles BB-

Fitch Ratings said it affirmed the BB- issuer default ratings for DISH Network Corp. and its wholly owned subsidiary DISH DBS Corp.

In addition, the agency assigned a BB-/RR4 issue rating to DISH Network's $1 billion convertible notes due 2024 and upgraded its existing convertible note issue ratings to BB-/RR4 from B+/RR5.

Fitch said the upgrade reflects its assessment of improved recovery prospects for the convertible notes from residual spectrum value in a recovery scenario, rather than the agency’s previous view of the notes subordinated position in the capital structure relative to the DISH DBS debt.

Additionally, Fitch affirmed DISH DBS’ long-term issue ratings.

The outlook remains negative.

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