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 €6.1 billion as of Sept. 30, 2007. They also factor in the relative predictability and stability of SES' revenue and cash flow, as well as solid operating performances since 2005 and improved guidance for 2007. Mitigating factors include high capital requirements and the company's move to a more aggressive financial policy. SES' performance during the first nine months of 2007 was strong, with 7.6% organic revenue growth (excluding one-off revenues) and a 69.5% EBITDA margin (including the infrastructure business' 82.7% margin). As demand for satellite capacity remains strong, the company has slightly increased
