The ratings on Luxembourg-based SES Global S.A. (SES) reflect its position as a leading provider of satellite services worldwide, and its strong revenue and cash flow visibility stemming from a contract backlog of about €6.5 billion (at June 30, 2005). These factors are partially offset by high capital requirements and a shift to a more aggressive financial policy. SES had about €1.9 billion of gross debt at June 30, 2005. In the first nine months of 2005, SES enjoyed a healthy 71% EBITDA margin and strong 13% revenue growth, on the back of increasing demand for high definition television (HDTV) satellite capacity in Europe and North America, and the development of new services. Nevertheless, over the next few years expected
