Standard & Poor's, the rating agency, has put a deal to create the world's largest fixed satellite services operator worth more than $11.6bn (€9.5bn) on review for a downgrade. The agency said the combined debt would be $8bn.

Intelsat yesterday agreed to buy PanAmSat for $3.2bn in cash plus its existing $3.2bn debt. Both satellite companies are backed by private equity firms.