The ratings on Luxembourg-based SES S.A. reflect its position as a leading global provider of satellite services and its strong visibility stemming from a contract backlog of €3.2 billion as of June 30, 2007. They also factor in the relative predictability and stability of SES' revenue and cash flow, as well as solid operating performances in 2006 and first-half 2007 and improved guidance for 2007. Mitigating factors include high capital requirements and the move to a more aggressive financial policy. The company's total adjusted debt was about €3.6 billion at June 30, 2007. SES' performance during first-half 2007 was strong, with 6.8% organic revenue growth and a 69.5% EBITDA margin (including the infrastructure business' 82.2% margin). As demand for satellite
