We have lowered our revenue and EBITDA forecasts for SES, but we also anticipate lower investments than previously, leading to somewhat weaker credit metrics that are still likely to be sustained within our guidelines for the current rating. SES' rising near-term debt maturities have modestly weakened its liquidity position, but this is neutral for our ratings on SES. We are therefore affirming our 'BBB/A-2' ratings on SES. The stable outlook reflects our expectations that the company will maintain adjusted leverage at 3.0x-3.5x, funds from operations to debt at 20%-25%, and free operating cash flow to debt of more than 10% on average over the next two years. On Nov. 29, 2017, S&P Global Ratings' affirmed its 'BBB' long-term and 'A-2'
