...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 5.7 billion as of June 30, 2008. The ratings also factor in the relative predictability and stability of SES' revenue and cash flow, as well as continuing solid operating performance despite the deterioration of the global economic environment. Constraining factors for the rating include high capital requirements and the company's aggressive financial policy in terms of shareholder returns. SES' performance during the first nine months of 2008 remained strong, with recurrent revenues up by 7.1% year on year, and EBITDA up by 5.6%. On a reported basis, however, revenues and EBITDA were roughly stable year on year during the period, essentially because of the continued weakness of the U.S. dollar. The group's EBITDA margin improved slightly by 20 basis points (bp) year on year, to reach 69.7% in...
