Standard&Poor's Ratings Services derives its 'BBB' rating on SES S.A. from: Our anchor of 'bbb', based on our "strong" business risk and "significant" financial risk profile assessments for the company. Analytical modifiers had no impact on the rating outcome. A leading provider of satellite capacity that has global scale and strong geographic diversification. Strong asset infrastructure. Good sales and earnings visibility, along with strong profitability. High operational risks inherent to the launch and operation of satellites. Significant cash flow visibility. Good deleveraging profile underpinned by resilient cash generation. Very high capital intensity, due to the nature of the business, weakening free operating cash flow generation. Continued increase in shareholder returns. The stable outlook reflects our view that SES
