S&P downgrades Intelsat to SD

S&P said it downgraded Intelsat SA to SD from CCC+ and also lowered the unsecured issue-level ratings to D.

“Intelsat failed to make the semi-annual $125 million interest payment due today on the $2.9 billion 8˝% unsecured notes due 2024 issued by Intelsat Jackson Holdings SA. We expect that the company will enter into a restructuring agreement with its lenders and bondholders or file for Chapter 11 bankruptcy,” S&P said in a news release.

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