LUXEMBOURG — On December 17, 2025, SES S.A. (SES) formally acknowledged a credit rating action announced by Moody’s Investor Service. The adjustment from the ratings agency follows the recent release of the third quarter 2025 financial results for SES and a subsequent update regarding the ongoing integration of Intelsat. This reporting period marks the first full quarter of combined operations after the company finalized its SES completes acquisition of Intelsat in July 2025 for an enterprise value of approximately $5 billion.
The rating action comes as the satellite operator continues to manage the financial restructuring necessitated by the large-scale acquisition. In a statement addressing the move, SES management reiterated its commitment to a strategic deleveraging plan designed to strengthen key credit metrics over the next several years.
The primary policy objective for the company remains a reduction of its adjusted net leverage to a ratio of 3.0 times or below, moving the firm back toward metrics historically commensurate with an investment-grade rating.
Despite the revision from Moody’s, SES officials stated that the action does not change the company’s current ability to operate its global multi-orbit constellation, serve its international customer base, or execute its long-term strategic mission. The company currently maintains a balanced weighted average debt maturity profile of approximately five years.
Furthermore, SES confirmed that the rating change is not expected to trigger a material impact on the interest payable under its existing debt facilities, maintaining its financial stability through the integration phase.
Financial stability for the Luxembourg-based operator is further supported by the Grand Duchy of Luxembourg, which remains an anchor investor in the company. This sovereign backing, combined with the company’s multi-orbit positioning and diversified revenue streams across government, aviation, and maritime sectors, forms the core of its recovery strategy. The company also confirmed its intention to maintain a stable-to-progressive dividend policy for shareholders while it executes its debt-reduction priorities.
“Our priority is to convert our strong strategic position into continued durable cash generation and stronger credit metrics,” said SES Chief Financial Officer Lisa Pataki. SES appoints a new CFO Pataki, who joined the leadership team in June 2025, noted that management has a clear view of multiple cash-generating levers available to support and accelerate the deleveraging plan. She emphasized that these levers will be utilized in a disciplined manner to ensure the company delivers on its strategic financial targets.
Moving forward, SES intends to continue its active engagement with stakeholders and credit rating agencies. The company expects to provide further transparency on its integration progress and deleveraging milestones during its upcoming regular financial reporting cycles. The integration of Intelsat’s assets, which added approximately 90 geostationary satellites to the SES fleet, is expected to generate significant operational synergies and cash flow accretion that will be pivotal in meeting the 3.0 times leverage target by the 2027 fiscal year.
