On Nov. 12, 2004, Standard&Poor's Ratings Services affirmed all its ratings on the Luxembourg-based leading global satellite-services company SES Global S.A. (SES Global), including its 'BBB+/A-2' corporate credit ratings, following the company's continued solid performance. The outlook is stable. The affirmation reflects SES Global's continued world-leading position as a provider of satellite services and the company's underlying good performance in a challenging market. The ratings reflect the expectations that--despite industry overcapacity and currency volatility--the company will maintain good covenant headroom and that increased shareholder return is within the financial parameters of the ratings. Standard&Poor's also expects SES Global's acquisitions policy to be conservative. In addition, the ratings reflect the company's good revenue and cash flow visibility
