S&P cuts Dish Network

S&P said it lowered all its Dish Network Corp. ratings a notch, including the issuer credit rating to B- as Dish will likely sustain leverage above the 6.5x downgrade trigger for at least the next year.

Dish Network is raising $4 billion of secured debt at subsidiary Dish DBS Corp. to fund spectrum purchases, raising consolidated S&P Global Ratings-adjusted debt to EBITDA to more than 7x from 6.1x for the last 12 months ended Sept. 30.

“Higher leverage from the issuance of new notes to fund spectrum license purchases heightens risk around operational performance over the next year,” S&P said in a press release.

The outlook is stable.

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