SES SA http://www.alacrastore.com/company-snapshot/SES_SA-2505068 Saturday, October 11, 2008 8:33:08 AM 2505068 SES SA en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/moodys/PBC_109687moodys/PBC_109687pdf...SES wholly owns three satellite operators, SES ASTRA in Europe, SES AMERICOM in North America, and SES NEW SKIES, which provides global coverage and connectivity. The company also holds strategic participations in SES Sirius in Europe (##%), Ciel in Canada, and Quetzsat in Mexico. SES provides satellite communications solutions via a fleet of ## satellites in ## orbital positions around t he globe. With a market share of ~##% SES is, together with Intelsat (also ~##% ma rket share-Moody s Corporate Family Rating Caa#), the leading player in the concentrated market for the provision of global Fixed Satellite Services (FSS) where the top four players account for ~##% of the market. While being a strong global competitor, Intelsat remains capital-constrained as a consequence of sequential LBOs. Eutelsat (Moody s CFR Ba#, Positive Outlook), SES s strongest competitor in Europe, is less geographically diverse than SES. ... 7/3/2008 2:02:45 PMpdfSES S.A.SES S.A.600061932300.0000AnalysisAnalysisPBC_109687Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/654146spcred/654146normThe latest Summary from S&Pglobalstructured6/16/2008 10:25:10 AM175Summary654146LuxembourgBroadcasting & Cable TVUnited StatesAsiaEurope, Middle East, AfricaCorporationsGlobal IssuersTelecommunications & CableAsset-Backed SecuritiesCollateralized Debt ObligationsStructured FinanceSummaryThe ratings on Luxembourg-based SES S.A. reflect its position as a leading global provider of satellite services and its strong revenue and cash flow visibility, stemming from a contract backlog of €5.8 billion as of Dec. 31, 2007. The ratings also factor in the relative predictability and stability of SES' revenue and cash flow, as well as solid operating performances over the past 18 months after the integration of NSS. Mitigating factors include high capital requirements and the company's aggressive financial policy in terms of shareholder returns. SES' performance during the first quarter of 2008 remained strong, with recurrent revenues and EBITDA both up by about 9%, excluding negative currency exchange effects. Reported revenue and EBITDA growth was roughly stableLUXL8300G25401020 254010 2540 25SES S.A.357490ASIAEUROMIDAFRUSASESG@FPSUMMARYGLOBISSSTRUCCORPABSCDOTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/630314spcred/630314normThe latest Full Report from S&P2/12/2008 10:40:34 AMFull Report400structuredglobal630314LuxembourgBroadcasting & Cable TVAsiaEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsTelecommunications & CableFull ReportGlobal scale and superior geographic diversification Good cash flow stability and visibility Solid EBITDA margins Strong track record of operating efficiency Technological evolution that should offer more opportunities than threats Expansion of new services with unproven business models Overcapacity risks linked to new satellite launches and the softening economic environment Some foreign exchange risk High operational risk inherent to the satellite industry Limited financial flexibility The ratings on Luxembourg-based SES S.A. reflect its position as a leading global provider of satellite services and its strong visibility, stemming from a contract backlog of €6.1 billion as of Sept. 30, 2007. They also factor in the relative predictability and stability of SES' revenue and cash flow, as well as solid operating performancesLUXL8300G25401020 254010 2540 25SES S.A.357490ASIAEUROMIDAFRUSASESG@FPFULLGLOBISSSTRUCCORPABSCDOTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/630316spcred/630316normThe latest Summary from S&P2/12/2008 10:40:34 AMSummary175structuredglobal630316LuxembourgBroadcasting & Cable TVAsiaEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsTelecommunications & CableSummaryThe ratings on Luxembourg-based SES S.A. reflect its position as a leading global provider of satellite services and its strong visibility, stemming from a contract backlog of €6.1 billion as of Sept. 30, 2007. They also factor in the relative predictability and stability of SES' revenue and cash flow, as well as solid operating performances since 2005 and improved guidance for 2007. Mitigating factors include high capital requirements and the company's move to a more aggressive financial policy. SES' performance during the first nine months of 2007 was strong, with 7.6% organic revenue growth (excluding one-off revenues) and a 69.5% EBITDA margin (including the infrastructure business' 82.7% margin). As demand for satellite capacity remains strong, the company has slightly increasedLUXL8300G25401020 254010 2540 25SES S.A.357490ASIAEUROMIDAFRUSASESG@FPSUMMARYGLOBISSSTRUCCORPABSCDOTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600061932moodys/COP_600061932htmlGlobal Credit Research Credit Opinion ## JUN #### Credit Opinion: SES S.A. SES S.A. Luxembourg Ratings Category Moody's Rating Outlook Negative Issuer Rating Baa# Bkd Senior Unsecured -Dom Curr Baa# SES Global Americas Holdings GP...1/3/2008 7:48:00 PMhtmlSES S.A.SES S.A.600061932150.0000NewsCredit OpinionCOP_600061932Credit & Investment ResearchMoody's Global Credit Research