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 €6.75 billion on Dec. 31, 2009. Standard&Poor's Ratings Services also factors into its rating the relative predictability and stability of SES' revenue and cash flow, as well as the favorable long-term growth prospects for fixed satellite services and continuing sound operating performance despite the sharp deterioration of the global economic environment. Negative factors for the rating include currently weak free and discretionary cash flow generation and the group's moderate financial flexibility under its U.S. private placement (USPP) and syndicated facility covenants. SES' performance for 2009 was slightly
