Satellite Services Operator SES S.A.'s Proposed Junior Subordinated Hybrid Debt Assigned 'BB' Rating

S&PGR Rates SES Proposed Junior Subordinated Hybrid Debt 'BB' Luxembourg-based fixed-satellite services operator SES S.A. intends to issue new benchmark subordinated hybrid securities. The group plans to use proceeds to refinance its €750 million hybrid securities callable in January 2022 and reduce its ratio of hybrid securities to adjusted capitalization to about 15% from 17% at year-end 2020. We assess the proposed junior securities as having intermediate equity content. We assigned our 'BB' issue rating to the proposed securities to reflect their subordination and optional deferability. PARIS (S&P Global Ratings) May 18, 2021--S&P Global Ratings today said it assigned its 'BB' long-term issue rating to the proposed perpetual subordinated hybrid securities from Luxembourg-based fixed satellite services operator SES S.A. (BBB-/Stable/A-3)

...May 18, 2021 S&PGR Rates SES Proposed Junior Subordinated Hybrid Debt '##' - Luxembourg-based fixed-satellite services operator SES S.A. intends to issue new benchmark subordinated hybrid securities. - The group plans to use proceeds to refinance its 750 million hybrid securities callable in January 2022 and reduce its ratio of hybrid securities to adjusted capitalization to about 15% from 17% at year-end 2020. - We assess the proposed junior securities as having intermediate equity content. - We assigned our '##' issue rating to the proposed securities to reflect their subordination and optional deferability. PARIS (S&P Global Ratings) May 18, 2021--S&P Global Ratings today said it assigned its '##' long-term issue rating to the proposed perpetual subordinated hybrid securities from Luxembourg-based fixed satellite services operator SES S.A. (###-/Stable/A-3) and guaranteed by SES Global Americas Holdings G.P. The first reset date is set at more than five years after issuance. The issue's...

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