Moody's upgrades Eutelsat

Moody's Investors Service said it assigned a long-term senior unsecured issuer rating of Baa3 to Eutelsat SA, 96% owned operating company of Eutelsat Communications SA, and upgraded the rating for the structurally subordinated bank debt at Eutelsat Communications to Ba1 from Ba2.

The outlook is stable.

The upgrade reflects an expectation that the Eutelsat group will maintain momentum in its operating performance, having shown resilience and continued strength despite the weak macro-economic environment in 2009, Moody's said.

The company should continue to invest in the replacement and growth of its satellite infrastructure and improve on current leverage levels, the agency said.

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