S&P Downgrades Dish Network to B From B+ on ‘Substantial Subscriber Losses’

S&P downgraded Dish Network to a B from B+, citing in part the “substantial subscriber losses” the company reported last week in its direct broadcast satellite business, said a Monday update. Dish had 9.4 percent fewer satellite subscribers Dec. 31 than a year earlier, while Sling TV subscriptions rose 47.4 percent (see 1802210043). Though “certain scenarios” involving Dish’s plans “to monetize spectrum investments could be credit positive longer term, such as a leasing agreement, rating upside is limited over the next year,” said S&P. Dish representatives didn’t comment. Dish shares closed 1.1 percent higher Monday at $44.95.