Moody’s downgrades Intelsat

Moody’s Investors Service said it downgraded Intelsat SA’s probability of default rating to D-PD from Ca-PD and affirmed the company’s Ca corporate family rating and C senior unsecured notes ratings. The speculative grade liquidity rating was maintained at SGL-4.

The rating action follows the Tuesday Chapter 11 filing in U.S. Bankruptcy Court by Intelsat and certain of its subsidiaries, including all the rated entities, Moody’s said.

Concurrently, Moody’s downgraded Intelsat Jackson Holdings SA’s senior secured credit facilities ratings to Caa2 from B3, senior secured notes ratings to Caa2 from B3, and affirmed the Ca senior unsecured notes ratings. Also, Moody’s affirmed Intelsat Connect Finance SA’s C senior unsecured notes rating.

The outlook remains negative.

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