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S&P downgrades Eutelsat
S&P said it had lowered to BBB-/A-3 from BBB/A-2 its long- and short-term issuer credit ratings on Eutelsat Communications SA and its core subsidiary Eutelsat SA.
The outlook on both companies is stable.
The agency also lowered to BB+ from BBB- the issue rating on the senior unsecured debt issued by Eutelsat Communications, and to BBB- from BBB the issue rating on the senior unsecured debt issued by subsidiary Eutelsat.
S&P removed the ratings from CreditWatch with negative implications, where they were placed on Sept. 11.
“The downgrade follows the weakening industry fundamentals and technology-led oversupply risks that we think will likely challenge Eutelsat's nonvideo operations,” the agency said in a news release.
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