PARIS (Standard&Poor's) Nov. 23, 2005--Standard&Poor's Ratings Services said today that it has revised its outlook on Luxembourg-based worldwide leading satellite company SES Global S.A. to negative from stable. At the same time, the 'BBB+' long-term and 'A-2' short-term corporate credit ratings on the group and related entities were affirmed. The negative outlook reflects Standard&Poor's view that, despite its strong backlog and cash flow visibility, SES' commitment to deliver shareholder value through increased returns to shareholders may result in permanently higher leverage and weaker discretionary cash flow generation over the next few years. "This would exhaust financial flexibility at the rating level and possibly bring credit measures to levels no longer in line with the
