Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research SES S.A.

Research Update: SES S.A. L-T Rating Cut To 'BBB'; 'A-2' S-T Rating Affirmed; Off Watch Neg; Outlook Stable

Published May 10, 2007

1219 words — Published May 10, 2007

Price US$ 225.00 | Buy this Report Now

About This Report

Abstract:

On May 10, 2007, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Luxembourg-based worldwide leading satellite company SES S.A. (formerly SES Global S.A.) to 'BBB' from 'BBB+'. Simultaneously, the 'A-2' short-term corporate credit rating was affirmed. The outlook is stable. The ratings were also removed from CreditWatch with negative implications where they had been placed on Feb. 14, 2007, following the company's announced agreement to buy back GE Capital's 19.5% stake in SES for cash and assets worth €1.2 billion. The downgrade denotes our view that the structured transaction and the company's recently revised leverage target will trigger a permanent increase in SES' leverage to a level significantly above our maximum guidelines for a 'BBB+' rating.

Brief Excerpt:

RESEARCH Research Update: SES S.A. L-T Rating Cut To '###'; 'A-2' S-T Rating Affirmed; Off Watch Neg; Outlook Stable Publication date: 10-May-2007 Primary Credit Analyst: Melvyn Cooke, Paris (33) 1-4420-6783; melvyn_cooke@standardandpoors.com...

Report Type:

Research Update

Ticker

SESG@FP

Issuer

SES S.A.

Sector

Global Issuers, Structured Finance

Country

Luxembourg

Region

United States

Format:

HTML

SES S.A. Short-Term Rtg Cut To 'A-3', Outlook Revised To Negative On Financial Policy Change – 2007/08/09 – US$ 150.00

Research Update: SES S.A. Short-Term Rtg Cut To 'A-3', Outlook Revised To Negative On Financial Policy Change – 2007/08/09 – US$ 225.00

Summary: SES S.A. – 2007/09/07 – US$ 225.00

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Summary: SES S.A. – 2008/02/12 – US$ 225.00

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SES Global S.A. 'BBB+/A-2' Ratings On CreditWatch Negative As Buys Back GE Capital Stake – 2007/02/14 – US$ 150.00

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SES Global S.A. – 2007/01/05 – US$ 500.00

Summary: SES Global S.A. – 2007/01/05 – US$ 225.00

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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Research Update: SES S.A. L-T Rating Cut To 'BBB'; 'A-2' S-T Rating Affirmed; Off Watch Neg; Outlook Stable" May 10, 2007. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-SES-S-A-L-T-Rating-Cut-To-BBB-A-2-S-T-Rating-Affirmed-Off-Watch-Neg-Outlook-Stable-577687>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: SES S.A. L-T Rating Cut To 'BBB'; 'A-2' S-T Rating Affirmed; Off Watch Neg; Outlook Stable May 10, 2007. New York, NY: Alacra Store. Retrieved May 05, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-SES-S-A-L-T-Rating-Cut-To-BBB-A-2-S-T-Rating-Affirmed-Off-Watch-Neg-Outlook-Stable-577687>

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