Radnor, Pa. -- Pegasus Communications Corp. -- a publicly
owned, independent provider of DirecTv Inc. satellite television -- said last week that it
plans a $100 million offering of senior notes.
The money would finance pending direct-broadcast satellite
acquisitions and repay debt.
Last Tuesday, Standard & Poor's Corp. assigned a
"single-B-minus" rating to the offering and affirmed Pegasus'
"single-B-plus" corporate-credit rating.
The ratings outlook changed to negative from stable,
reflecting an increase in Pegasus' already-high financial risk, S&P said.
Pegasus said Nov. 18 that it plans to buy five DirecTv
providers for $32.1 million. Excluding a $30 million sale of cable systems, the company
has announced more than $150 million in acquisitions this year.