Global scale and superior geographical diversification Good cash flow stability and visibility High EBITDA margins Strong track record of operating efficiency Expansion of new services with unproven business models Some remaining overcapacity in the satellite industry Some foreign exchange risk High operational risk inherent to the satellite industry Limited financial flexibility The ratings on Luxembourg-based SES Global S.A. reflect its position as a leading provider of satellite services worldwide, and its strong revenue and cash flow visibility stemming from a contract backlog of about €6.8 billion (at June 30, 2006). These factors are partially offset by high capital requirements and a financial policy that focuses on returns to shareholders. SES had about €3.3 billion of gross debt at June 30,
