The ratings reflect SES Global S.A.'s key credit strengths: Its position as the largest satellite provider in the world; Strong revenue and earnings visibility, since satellite-transponder capacity is usually contracted over the life of the satellite and on a fixed-price basis in the broadcast market; High EBITDA margins of over 80%, reflecting the company's operational scale and utilization rates of about 80%; and High barriers to entry, given the greatly capital-intensive nature of the satellite industry, as well as the scarcity of orbital slots. These strengths are mitigated by the group's moderate gross leverage resulting from the acquisition of U.S. satellite operator GE American Communications (Americom) in November 2001 and by its plans to invest in new, more volatile broadband
