Posted: Sat, Feb 22, 2025, 11:15 AM ET (1615 GMT)
Satellite operator SES moved to reassured investors after receiving a downgrade from a major ratings agency. Moody's downgraded the Luxembourg-based satellite operator's outlook from stable to negative but kept its Baa3 long-term issuer rating, one notch above non-investment grade. It pointed to the expected rise in net debt at SES to finance its acquisition of Intelsat as a factor weakening SES's financial profile. In response, SES issued a financial update ahead of its earnings announcement next week, stating that revenue will be at the upper end of its forecast of 1.94-2 billion euros ($2-2.1 billion). Adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization, is also set to surpass forecasts of 950 million to 1 billion euros.

Related Links:

•  SpaceNews article
•  SES press release