SES S.A. announced on April 29, 2016, its intention to increase its ownership of O3b to 50.5% from 49.1%, subject to regulatory approval, while at the same time, O3b's board has agreed to evaluate an IPO plan for the remaining 49.5% of O3b shares. Whether the IPO takes place or not, we anticipate that SES will fund the acquisition of O3b shares in a way that is commensurate with its financial policy. We are revising our outlook on SES to stable from positive and affirming our 'BBB/A-2' ratings. The stable outlook reflects our expectations that SES will finance the acquisition of additional stake in O3b in such a way that adjusted leverage will remain between 3.0x and 3.5x and funds
