PARIS (S&P Global Ratings) Feb. 7, 2020--S&P Global Ratings said today that the Federal Communication Commission's (FCC's) proposed payments to satellite operators--to compensate for the loss of C-band spectrum to 5G cellular networks in auctions later this year--are a positive development for SES S.A. as they reduce uncertainty around the auctions. The FCC plans to pay satellite operators $9.7 billion to incentivize them to expedite the transfer of spectrum, and $3 billion-$5 billion to cover the cost of relocating the satellites. Although the C-Band Alliance of satellite operators--which includes SES--may have expected higher payments, in our view, recent declarations by the FCC and some U.S. senators made the possibility of double-digit proceeds unlikely. We continue to exclude the potential proceeds
