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Research Update: SES S.A. Short-Term Rtg Cut To 'A-3', Outlook Revised To Negative On Financial Policy Change

Published Aug 09, 2007

1026 words — Published Aug 09, 2007

Price US$ 225.00 | Buy this Report Now

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Abstract:

On Aug. 9, 2007, Standard&Poor's Ratings Services lowered its short-term rating on Luxembourg-based SES S.A. (formerly SES Global S.A.) to 'A-3' from 'A-2' and revised its outlook to negative from stable, following further modification of the satellite company's financial policy. At the same time, Standard&Poor's affirmed its 'BBB' long-term corporate credit rating on SES. The outlook revision reflects SES' steady shift toward a more aggressive financial policy due to share buybacks. Management's recent decision to revise its target of unadjusted net debt to EBITDA to 3.5x from the 3x-3.5x range is the latest aspect of this transition. However, a leverage of 3.5x (about 3.7x adjusted) reduces ratings headroom. An adjusted leverage higher than 3.7x would likely

Brief Excerpt:

RESEARCH Research Update: SES S.A. Short-Term Rtg Cut To 'A-3', Outlook Revised To Negative On Financial Policy Change Publication date: 09-Aug-2007 Rationale On Aug. 9, 2007, Standard & Poor's Ratings Services lowered its short-term...

Report Type:

Research Update

Ticker

SESG@FP

Issuer

SES S.A.

Sector

Global Issuers, Structured Finance

Country

Luxembourg

Region

United States

Format:

HTML

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

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Research Update: SES S.A. Short-Term Rtg Cut To 'A-3', Outlook Revised To Negative On Financial Policy Change" Aug 09, 2007. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-SES-S-A-Short-Term-Rtg-Cut-To-A-3-Outlook-Revised-To-Negative-On-Financial-Policy-Change-595578>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: SES S.A. Short-Term Rtg Cut To 'A-3', Outlook Revised To Negative On Financial Policy Change Aug 09, 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-Short-Term-Rtg-Cut-To-A-3-Outlook-Revised-To-Negative-On-Financial-Policy-Change-595578>

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