On Feb. 27, 2006, Standard&Poor's Ratings Services affirmed its 'BBB+/A-2' long- and short-term corporate credit ratings on Luxembourg-based worldwide leading satellite company SES Global S.A. and related entities. At the same time, the ratings were removed from CreditWatch with negative implications, where they had been placed on Dec. 16, 2005, following the company's announced agreement to buy Netherlands-based competitor New Skies Satellite B.V. (B+/Watch Pos/--) for about $1.2 billion. The outlook is stable. The rating action reflects Standard&Poor's view that, despite the material debt increase deriving from the acquisition and from higher returns to shareholders, the group's leverage should remain commensurate with the current ratings and not permanently exceed its public target of net debt to
