We expect that Luxembourg-based fixed satellite services operator SES S.A. (SES) will report modest organic growth in revenues and EBITDA in 2016 and further improvement from 2017 on the back of additional capacity, after a onetime decline in 2015. We anticipate that our adjusted credit ratios for SES will remain well positioned within our significant financial risk category and improve further in 2017, after temporary weakening in 2016 on accelerated capital expenditures. We are therefore affirming our 'BBB/A-2' ratings on SES. The outlook remains positive, indicating we could upgrade SES by one notch in the next 12 months if its debt to EBITDA remained below 3.0x, funds from operations to debt was comfortably in the 25%-30% range, and free operating
