The ratings on Luxembourg-based leading global satellite-services company SES Global S.A. reflect its continued world-leading position as a provider of satellite services and the company's underlying good performance in a challenging market. Standard&Poor's Ratings Services expects that--despite industry overcapacity and currency volatility--the company will maintain a moderate financial policy and that increased shareholder returns will remain within the financial parameters of the rating level. SES Global's intention to increase its leverage--meaning that its net debt-to-EBITDA ratio could reach 3x--through a combination of shareholder returns and potential investment activities essentially exhausts any ratings headroom beyond this leverage level. Unadjusted net debt to EBITDA was 2x for the 12 months ended March 31, 2005. Plans to repurchase up to 65
