Moody's changes SES outlook to negative

Moody's Investors Service said it changed to negative from stable the outlook on the ratings of SES SA. Concurrently, Moody's affirmed the company's Baa2 long-term issuer rating, the Baa2 senior unsecured ratings and the Ba1 junior subordinated ratings.

"The change in outlook to negative from stable follows the company's downward revision of its 2020 earnings guidance, which, despite growth developing in the network business, highlights the difficult market conditions, with the video business remaining structurally pressured," said Ernesto Bisagno a Moody's senior credit officer and lead analyst for SES, in a press release.

"The rating affirmation at Baa2 takes into account the proposed reduction in dividends and the expected material proceeds from the C-band spectrum monetization, which will mitigate the pressures on cash flow and credit metrics," added Bisagno.

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