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S&P cuts DISH Network
S&P said it lowered its corporate credit rating on DISH Network Corp. to B from B+. The outlook is negative.
At the same time, S&P said it lowered its issue-level ratings on the unsecured debt issued by DISH DBS Corp. to B from B+. The recovery rating remains 4, indicating an expectation for meaningful (30%-50%; rounded estimate: 45%) recovery in the event of a payment default.
S&P also lowered the issue rating on DISH's convertible notes to CCC+ from B-. The recovery rating remains 6, indicating an expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default.
“The downgrade reflects continued deterioration in DISH's satellite TV business stemming from heightened competition, shifting consumer preferences, and mature industry conditions that have resulted in weaker credit metrics than previously expected,” S&P said in a news release.
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