The ratings on Luxembourg-based global satellite owner and operator SES S.A. reflect Standard&Poor's Ratings Services' view of the group's "strong" business risk profile and "significant" financial risk profile. The "strong" business risk profile is underpinned by SES's position as a leading global provider of satellite services and the strong revenue and cash flow visibility stemming from its large contract backlog. We also factor into the ratings SES's strong and resilient profitability, reflecting a combination of high barriers to entry, the essential nature of the service that SES provides to media and telecommunications providers, and favorable long-term growth prospects for fixed satellite services. Evidence of the essential nature of SES's service is its sound operating performance throughout the severe
