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Dish Upgraded to CCC+ by S&P
October 13, 2026
DISH DBS, subsidiary of EchoStar was upgraded to CCC+ from D by S&P. Its secured debt was upgraded to B from D. The upgrade follows its emergence from bankruptcy after repaying ~$4.35bn of debt due in 2026, significantly improving its capital structure and leverage. The company’s bankruptcy proceedings were separated from those of DISH Wireless, enabling a faster resolution following proceeds from the sale of spectrum assets to AT&T. S&P expects DISH to repay remaining outstanding $400mn on notes due in December 2026 using cash generation. DISH DBS retains $5bn of debt, including $3.5bn maturing in 2028, which the agency expects it to address gradually through cash generation. The ratings remain constrained by parent EchoStar’s creditworthiness, with both issuer and debt ratings placed on CreditWatch with positive implications. The review reflects expectations that EchoStar will use proceeds from its planned spectrum sale to SpaceX, expected to close in mid-2027, to repay debt. However, significant legal risks remain from more than 170 lawsuits related to the DISH Wireless infrastructure project, with potential liabilities of up to $15bn.
Its 7.375% 2028s were stable at 96.9, yielding 9.4%.
– Vandit P
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