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, 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 sharp deterioration of the global economic environment. Constraining factors for the rating include high capital requirements and the company's limited financial flexibility under its U.S. private placement (USPP) covenant. SES' performance for the full year 2008 remained solid, with recurrent revenues up by 6% year on year, and EBITDA up by 4.8%. On a reported basis, however,
