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 Overcapacity risks linked to new satellite launches and the steep global economic downturn Expansion of new services with unproven business models 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 revenue and cash flow visibility, stemming from a contract backlog of €5.8 billion as of Dec. 31, 2008. The ratings also factor in the relative predictability and stability of SES' revenue and cash flow,
