Form 6-K Intelsat S.A. For: Feb 22
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Intelsat S. A. (I) Ratings Placed on CreditWatch Negative by S&P
February 23, 2016 9:52 AM ESTStandard & Poor's Ratings Services said that it placed its ratings on Intelsat S.A. (NYSE: I) and all of its subsidiaries, including the 'B' corporate credit rating, on CreditWatch with negative implications.
The CreditWatch placement follows the company's announcement that it expects revenue to decline 6.5%-9% in 2016, which is well above our original base-case forecast for a 3% revenue decline. As such, we expect adjusted debt to EBITDA will increase to about 9x in 2016 from about 8.1x in 2015, and that free operating cash flow will be negative this year... More
