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Moody's gives Intelsat notes B3
Moody's Investors Service said it assigned ratings to $1.2 billion of new debt instruments issued by Intelsat Corp., an indirect wholly owned subsidiary of Intelsat, Ltd.
At the same time, Moody's said it also affirmed Intelsat's Caa1 corporate family rating, Caa1 probability of default rate and SGL-3 speculative-grade liquidity rating while maintaining the stable outlook.
New ratings include the $658 million of 9¼% senior notes due August 15, 2014 at B3 (LGD3, 32%) and $581 million of 9¼% senior notes due June 15, 2016 at B3 (LGD3, 32%).
The rating action was prompted by refinance activity resulting from required change-of-control offers applicable to debt instruments that were outstanding prior to Intelsat's recent acquisition by private equity investors, the agency added.
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