On Sept. 13, 2002, Standard&Poor's Ratings Services revised its outlook on Luxembourg-based SES Global S.A. (SES Global), the world's largest satellite operator, to positive from stable. At the same time, the company's long-term triple-'B' and short-term 'A-2' corporate credit ratings were affirmed. The rating actions follow SES Global's release of its first-half 2002 financial results. The outlook change reflects the company's lower-than-expected leverage after its November 2001 acquisition of GE Americom, as well as the strong revenue and cash flow visibility stemming from a contract backlog of about €6.7 billion as of June 30, 2002. Although net debt is expected to increase before year-end 2002, following expected heavier satellite procurement costs in the second half of the year,
