We have completed a sector review of European satellite operators and have concluded that the industry's overall credit characteristics have weakened over the past years, from structurally weaker prospects in mature video markets, fiercer price competition or weaker price mix in emerging video markets, and less favorable economics than previously expected in data due to rapid technological changes. We expect SES' exposure to more mature North American markets and challenging international markets facing accrued competition will continue to pressure its video segment; while some of SES' undifferentiated data activities may face higher price pressure as capacity is added to the market. This is partly offset though by SES' unique fleet of high-throughput geostationary satellites and low-latency medium-earth orbit satellites that
