On Nov. 23, 2005, Standard&Poor's Ratings Services revised its outlook on Luxembourg-based worldwide leading satellite company SES Global S.A. to negative from stable over concerns that increased shareholder returns may lead to a weaker capital structure and lower discretionary cash flow generation over the next few years. At the same time, the 'BBB+' long-term and 'A-2' short-term corporate credit ratings on the group and related entities were affirmed. The ratings continue to reflect SES' position as a leading provider of satellite services worldwide and its strong revenue and cash flow visibility stemming from its contract backlog of about €6.5 billion (as of June 30, 2005). These factors are partially offset by high capital requirements and a shift to
