Dish DBS Rating D After $2B Bankruptcy

Dish DBS Rating D After $2B Bankruptcy

S&P Global Ratings announced on 2 July 2026 that it has cut the issuer credit rating of Dish DBS Corp. (NASDAQ:DISH) to D, down from CCC+, after the company filed for Chapter 11 bankruptcy protection on 30 June 2026. The bankruptcy filing was made one day prior to the scheduled maturity of Dish DBS’s $2 billion, 7.75% secured notes, which were due on 1 July 2026. The company had planned to meet the note payment using proceeds from a pending sale of spectrum rights to AT&T, but the transaction’s closing was delayed, leaving Dish DBS without sufficient liquidity to satisfy the obligation.

Earlier, on 19 March 2026, Dish DBS entered into a restructuring support agreement intended to address potential litigation liabilities, repay intercompany loans, amend existing indentures to facilitate debt repayments through cash‑flow sweeps, and require substantial debt repayment at par value. More than 88% of both secured and unsecured noteholders voted in favor of supporting the restructuring plan.

Following the bankruptcy filing, S&P lowered all of Dish DBS’s ratings, including the issuer credit rating, to D, classifying the event as a default under its rating criteria. The rating agency indicated that it will reassess the company’s new capital structure once Dish DBS emerges from bankruptcy, with the review expected to be completed before the end of the third quarter of 2026. Dish DBS has stated that it expects to pay all allowed claims in full after the pending AT&T spectrum sale is finalized.