Raymond James analyst Richard Prentiss downgraded Intelsat to Market Perform from Outperform after the FCC issued details Friday of the C-Band Draft Order. Prentiss tells investors in a research note that as a result, while Intelsat will not receive as significant a windfall as some had hoped for, he says $4.852B of ARP will allow Intelsat to continue addressing its over $14B of net debt and improve leverage, while allowing management to shift focus to operational and industry structure issues.However, given the headwinds of the fundamental business, the loss of the I-29e satellite,and being highly levered, the analyst feels the risk/reward for Intelsat shares is more fairly valued.