Moody's upgrades Eutelsat loans to Ba3

Moody's Investors Service said it upgraded the corporate family rating of Eutelsat Communications SA to Ba2 from Ba3 and the ratings on the company's €1.615 billion term loan due 2013 and €300 million revolving credit facility due 2013 to Ba3 from B1.

The outlook is stable.

The agency said the upgrade recognizes Eutelsat's improving operating performance as evidenced by the company's recent results and acknowledges that Eutelsat has maintained debt at the reduced levels achieved with its initial public offering in late 2005.

The stable outlook reflects Moody's expectation that Eutelsat will continue to perform in line with operational guidance (revenue in excess of €800 million and EBITDA margins of 77% for 2006-2007) and preserve current leverage levels in broad terms. At June 30, adjusted gross debt as calculated by Moody's to EBITDA was roughly 4.2 times.

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