Satellite Services Operator SES Proposed Hybrid Debt Assigned 'BB+' Rating

OVERVIEW Luxembourg-based fixed-satellite services operator SES S.A. intends to issue subordinated hybrid securities to bolster its balance sheet in the wake of its acquisition and the consolidation of 100% of O3b Networks. We anticipate classifying the equity content of the proposed securities as intermediate once the acquisition closes. We are assigning our 'BB+' issue rating to the proposed securities to reflect their subordination and optional deferability. PARIS (S&P Global Ratings) May 30, 2016--S&P Global Ratings said today that it had assigned its 'BB+' long-term issue rating to the proposed perpetual subordinated hybrid securities to be issued by Luxembourg-based fixed satellite services operator SES S.A. (BBB/Stable/A-2) and guaranteed by SES Global Americas Holdings G.P. The first call date is set to

... operator SES S.A. intends to issue subordinated hybrid securities to bolster its balance sheet in the wake of its acquisition and the consolidation of 100% of O3b Networks. + We anticipate classifying the equity content of the proposed securities as intermediate once the acquisition closes. + We are assigning our '##+' issue rating to the proposed securities to reflect their subordination and optional deferability. PARIS (S&P Global Ratings) May 30, 2016--S&P Global Ratings said today that it had assigned its '##+' long-term issue rating to the proposed perpetual subordinated hybrid securities to be issued by Luxembourg-based fixed satellite services operator SES S.A. (###/Stable/A-2) and guaranteed by SES Global Americas Holdings G.P. The first call date is set to be at least 5.5 years after issuance. The completion and size of the issue will be subject to market conditions. At this stage, we anticipate a ratio of outstanding hybrids...

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