The ratings on Luxembourg-based SES S.A. reflect its position as a leading global provider of satellite services and its strong revenue and cash flow visibility, stemming from a contract backlog of €5.8 billion as of Dec. 31, 2007. The ratings also factor in the relative predictability and stability of SES' revenue and cash flow, as well as solid operating performances over the past 18 months after the integration of NSS. Mitigating factors include high capital requirements and the company's aggressive financial policy in terms of shareholder returns. SES' performance during the first quarter of 2008 remained strong, with recurrent revenues and EBITDA both up by about 9%, excluding negative currency exchange effects. Reported revenue and EBITDA growth was roughly stable
