S&P: Intelsat still on watch

Standard & Poor's said its ratings on Intelsat Ltd. (BBB+/Watch Negative/A-2) remain on CreditWatch negative following the company's announcement that its Intelsat Americas-7 satellite experienced an unexpected electrical distribution anomaly that caused the permanent loss of the spacecraft.

On watch are Intelsat's BBB+ corporate credit rating, senior secured bank loan and senior unsecured debt rating and A-2 commercial paper rating.

S&P said Zeus Holdings Ltd., the prospective purchaser of Intelsat, is evaluating the impact of the satellite's failure on the deal.

S&P said final resolution of the rating depends on updated information on the impact of the Intelsat Americas-7 satellite failure on the deal, the launch of Intelsat Americas-8 and the company's financial profile.

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