Creditflux Newsletter

Standard & Poor's yesterday assigned a B rating to satellite services firm Satelites Mexicanos after the Mexican company emerged from bankruptcy on 31 May. The B rating reflects the company's official exit from bankruptcy, the conclusion of its reorganisation efforts, and its new capital structure.

As part of its reorganisation efforts Satmex has issued $325 million in senior secured notes, using the proceeds to repay in full its first-priority senior secured notes due 2011, with the remainder purchasing 100% of the former equity in the company.

S&P has assigned a stable outlook to the rating, reflecting its view that Satmex displays adequate liquidity and will maintain stable financial indicators and service its debt.