Luxembourg-based fixed-satellite services operator SES S.A. intends to issue subordinated hybrid securities to bolster its balance sheet, following its acquisition of 100% of O3b Networks, which closed on Aug. 1, 2016. We anticipate classifying the equity content of the proposed securities as intermediate. We are assigning our 'BB+' issue rating to the proposed securities to reflect their subordination and optional deferability. PARIS (S&P Global Ratings) Nov. 11, 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 at more than five years after
