S&P rates SES notes BB+

S&P said it assigned a BB+ long-term issue rating to the proposed perpetual subordinated hybrid securities to be issued by SES SA and guaranteed by SES Global Americas Holdings GP.

The first call date is set at more than five years after issuance.

The issue's completion and size will be subject to market conditions.

At this stage, S&P said it anticipates a ratio of outstanding hybrid securities to adjusted capitalization at slightly less than 15%.

Upon issuance, the agency said it will classify the proposed hybrid securities as having intermediate equity content until no later than the first call date.

The two-notch difference between the BB+ rating on the proposed hybrid notes and the company’s BBB corporate credit rating reflects one-notch for subordination of the proposed notes and an additional notch for the optional deferability of interest, S&P explained.

The notching also considers the low likelihood that SES will defer interest payments, the agency said.

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