Luxembourg-based satellite operator SES is moving to a more moderate financial policy, has recently improved its liquidity, and continues to post solid operating performance. We are revising the outlook on SES to stable from negative, affirming the 'BBB' long-term rating, and raising the short-term rating to 'A-2' from 'A-3'. The stable outlook reflects SES' revised leverage target to 3.3x net debt to EBITDA, which should allow for adequate headroom under the group's financial covenants at 3.5x, and our view that SES has adequate revenue and earnings visibility and growth over the next few years. On June 29, 2009, Standard&Poor's Ratings Services revised its outlook on Luxembourg-based satellite operator SES S.A. to stable from negative. At the same time,
