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

SES S.A.

Published Sep 19, 2012

4706 words — Published Sep 19, 2012

Price US$ 500.00 | Buy this Report Now

About This Report

Abstract:

Global scale with strong geographic diversification. Significant revenue and cash flow visibility. Solid EBITDA margins. High capital intensity weakening free operating and discretionary cash flow generation. Limited flexibility and headroom under financial covenants. Some degree of operational risk inherent to the satellite industry. The ratings on Luxembourg-based global satellite owner and operator SES S.A. reflect Standard&Poor's Ratings Services' view of the group's "strong" business risk profile and "significant" financial risk profile. The "strong" business risk profile is underpinned by SES' position as a leading global provider of satellite services and the significant revenue and cash flow visibility stemming from its large contract backlog. We also factor into the ratings SES' strong and resilient profitability, reflecting a combination of

Brief Excerpt:

RESEARCH SES S.A. Publication date: 19-Sep-2012 Primary Credit Analyst: Chris Meyer, London (44) 20-7176-3842; chris_meyer@standardandpoors.com Secondary Contact: Guillaume Trentin, Paris (33) 1-4420-6736; guillaume_trentin@standardandpoors.com...

Report Type:

Full Report

Ticker

SESG@FP

Issuer

SES S.A.

Sector

Global Issuers, Structured Finance

Country

Luxembourg

Region

United States

Format:

HTML

Summary: SES S.A. – 2013/03/14 – US$ 225.00

Summary: SES S.A. – 2014/05/12 – US$ 225.00

SES S.A. Outlook Revised To Positive On Continued Deleveraging, Improving Revenues, And EBITDA; 'BBB' Rating Affirmed – 2014/09/17 – US$ 150.00

Research Update: SES S.A. Outlook Revised To Positive On Continued Deleveraging, Improving Revenues, And EBITDA; 'BBB' Rating Affirmed – 2014/09/17 – US$ 225.00

Luxembourg-Based Fixed Satellite Services Operator SES 'BBB/A-2' Ratings Affirmed; Outlook Remains Positive – 2015/11/18 – US$ 150.00

Summary: SES S.A. – 2012/09/19 – US$ 225.00

Summary: SES S.A. – 2012/06/12 – US$ 225.00

SES S.A. – 2011/09/30 – US$ 500.00

Summary: SES S.A. – 2011/09/30 – US$ 225.00

SES S.A. – 2010/07/16 – US$ 500.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "SES S.A." Sep 19, 2012. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/SES-S-A-1013246>

APA:	S&P Global Ratings’ Credit Research. (). SES S.A. Sep 19, 2012. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/SES-S-A-1013246>

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