Moody’s Investor Services downgraded Dish’s corporate family rating due to an overall need for capital to refinance and repay debt and deleverage the company as revenues shrink due to secular industry pressure on satellite and Sling TV.
It also cited the build out and startup costs of the company’s planned state-of-the art 5G U.S. wireless Internet of Things (IoT) broadband network — until it secures a material equity investment or partner.
The downgrade follows the satellite broadcaster raising $1 billion in a sale of senior unsecured debt that Moody’s said it will put towards a $2 billion principal payment due in July.
