The ratings on Luxembourg-based SES S.A. reflect its business risk profile, which we view as "strong," underpinned by its position as a leading global provider of satellite services and its strong revenue and cash flow visibility, stemming from a contract backlog of €7 billion on June 30, 2011. 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 a continued sound operating performance throughout the 2009 severe economic downturn. Negative factors for the rating, which are incorporated into our "significant" assessment of SES' financial risk profile, include currently weak free and discretionary cash flow generation, which
