Moody's confirms SatBirds

Moody's Investors Service said it confirmed the ratings of SatBirds Capital Participations SCA and its subsidiary, SatBirds Finance Sarl. Ratings confirmed include the B1 corporate family rating of SatBirds Capital, the B2 rating on the €1.8 billion senior secured credit facility at SatBirds Finance due 2012/2013 and the B3 rating on the €475 million second-lien facility at SatBirds Finance due 2013.

The outlook is stable.

The confirmation follows the announcement that Eutelsat Communications SA (previously SatBirds SAS), holding company for SatBirds, has withdrawn its planned initial public offering and flotation on the Euronext in Paris due to adverse market conditions, the agency said.

Moody's noted that the group's debt, which was entered into during the recent leveraged recapitalization and was to be partially repaid from IPO proceeds, does not place any immediate refinancing pressure on the group.

The rating action concludes the review for possible upgrade initiated by Moody's on Oct. 12.

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