We are reviewing our ratings on European global satellite operators, based on our view of weakening industry fundamentals and technology-led oversupply risks. In our view, this may hamper SES' non-video activities, while its video segment is exposed to the mature North American market, and tough international video market conditions that continue to offset SES resilient performance in core European markets, and we see potential technological substitution risk over the medium term. We are therefore placing our 'BBB' long-term and 'A-2' short-term ratings on SES on CreditWatch with negative implications. The CreditWatch indicates the potential for a one-notch downgrade depending on the outcome of our sector review, which we expect to complete within the next two months. On Sept. 11, 2018,
