On August 8, 2003, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Luxembourg-based satellite operator SES Global S.A. (SES) to 'BBB+' from 'BBB', following a review of the company's businesses and financial structure. At the same time, the 'A-2' short-term corporate credit rating on SES was affirmed. The outlook is stable. The rating action reflects Standard&Poor's expectation that, despite the currently challenging economic environment, SES will achieve lower than previously expected leverage by the end of 2003 and that this will continue in the near-to-medium term. Standard&Poor's also expects that the group's acquisitions policy will be conservative. SES is the largest satellite operator worldwide. The ratings also reflect the company's good revenue
