Global scale and superior geographic diversification Good cash flow stability and visibility Solid EBITDA margins Strong track record of operating efficiency Technological evolution that should offer more opportunities than threats Expansion of new services with unproven business models Overcapacity risks linked to new satellite launches and the softening economic environment Some foreign exchange risk High operational risk inherent to the satellite industry Limited financial flexibility The ratings on Luxembourg-based SES S.A. reflect its position as a leading global provider of satellite services and its strong visibility, stemming from a contract backlog of €6.1 billion as of Sept. 30, 2007. They also factor in the relative predictability and stability of SES' revenue and cash flow, as well as solid operating performances
