MILAN (Standard&Poor's) Nov. 12, 2001--Standard&Poor's today assigned first ratings to Luxembourg-based satellite operator SES Global S.A. Triple-'B' long-term and 'A-2' short-term corporate credit ratings were assigned. The outlook is stable. The rating assignment follows the announcement by SES Global that it has completed its acquisition of U.S. satellite operator GE American Communications (Americom), as well as an exchange offer for 100% of the shares of Société Européenne des Satellites S.A. (SES ASTRA). SES Global's primary credit strengths are its position as the largest satellite operator worldwide, the strong predictability of its revenues and cash flow, and the very high barriers to entry in the industry. These strengths are mitigated by the group's high leverage resulting from
