Sale Could Lift Satmex Ratings

Sale Could Lift Satmex Ratings

Mexico Corporate & Sovereign Strategy

S&P and Moody’s are each reviewing their respective B and Caa1 credit ratings of Satelites Mexicanos’ (Satmex) for a possible upgrade, the two say separately, following an agreement to sell the Mexican satellite operator to Eutelsat. “Since Satmex’s [$360m 2017] bonds are trading at a premium to the 101% change of control put and are not immediately callable, Moody’s expects they will survive the acquisition, at least for a short time,” the agency says. It calls the acquisition agreement “positi

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