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 indus…
Internet of Things broadband network — until it secures a material equity investment or partner.
The agency said the downgrade – with stable outlook — concludes a review started a year ago on the company’s debt level and after an agreement reached by DISH, the Department of Justice,Related StoryOn pay TV, satellite video still generates roughly $1 billion of free cash flow annually, but cash flow, along with revenue and operating income , have been steadily declining since 2016.
“Sling’s business model is an ad-based model, but we believe that it can only prove successful if it can reach scale which in our view will prove challenging without an industry shake out of some of Sling’s virtual MVPD competitors. Over the longer term, Sling faces the same pressures that the satellite pay TV business faces unless network affiliate costs are contained or it can go full network a-la-carte.” Moody’s said.
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