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S&P downgrades SES
S&P said it lowered its long-term issuer credit rating on SES SA to BBB- from BBB and its short-term rating to A-3 from A-2.
The outlook is stable.
The agency also lowered the issue rating on the senior unsecured debt to BBB- from BBB.
At the same time, the agency lowered the issue rating on SES' junior subordinated debt to BB from BB+ and the short-term issue rating on its commercial paper to A-3 from A-2.
S&P removed all ratings from CreditWatch with negative implications, where they were placed on Sept. 11.
“We believe pressure on revenues in the larger video segment will persist because of structurally lower channel growth, some indirect impact from increasingly widespread alternative terrestrial infrastructures and online OTTs in mature markets, and fiercer satellite competition or less favorable pricing mix in emerging countries led us to revise our assessment of SES' business risk to satisfactory from strong, which led to the downgrade,” the agency said in a news release.
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