The ratings on SES Global S.A. (SES Global) reflects Standard&Poor's expectation that, despite the currently challenging economic environment, the group will achieve lower than previously expected leverage by the end of 2003, and that this will continue in the near-to-medium term. Standard&Poor's also expects that SES Global's acquisitions policy will be conservative. In addition, the ratings reflect the group's good revenue and cash flow visibility stemming from its contract backlog of about €6.0 billion (as of Dec. 31, 2002), which should substantially increase in 2003, as existing contracts are renewed and as new business is contracted. SES Global's net debt-to-EBITDA ratio is expected to reach about 2.2x in 2003, lower than previously anticipated by Standard&
