New York, August 03, 2016 -- Moody's Investors Service assigned a Ba3 (LGD5) rating to DISH Network Corporation's ("DISH") new $2.5 billion convertible notes due 2026. The notes offering includes a green-shoe option, allowing the company to issue an additional $500 million of convertible notes within the next 30 days if there is demand. Proceeds from the notes issuance will be used for general corporate purposes, which may include wireless and spectrum-related strategic transactions. The new notes are unsecured obligations issued by the parent, DISH, and are not guaranteed by the company's subsidiaries. Today's rating assignment will not impact DISH's Ba3 Corporate Family rating (CFR), Ba2-PD Probability of Default rating or DISH's pay-TV subsidiary, DISH DBS's Ba3 senior unsecured debt rating, but it does weekly position those ratings. We believe that the company is committed to returning total leverage, including the convertible debt to levels (under 4.75x with Moody's standard adjustments assuming no material deterioration in subscriber trends) commensurate with the Ba3 ratings by the end of 2017. The company's Speculative Grade Liquidity rating is SGL-3 and the rating outlook remains stable.

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