SES’s headquarters and teleport in Betzdorf, Luxembourg. Photo: SES

Moody’s Ratings downgraded the credit assessment of SES from ba1 to ba2 on Dec. 17, citing weaker pro forma results for the first nine months of 2025 and the high integration and restructuring costs for the Intelsat acquisition. 

Moody’s withdrew SES’s Baa3 long-term issuer rating and assigned the company a Ba1 long-term corporate family rating. The company’s outlook has changed from stable to negative. 

“The downgrade reflects the material deviation in operating performance relative to our previous expectations when we changed the outlook on the rating to negative back in February,” Ernesto Bisagno, Moody’s lead analyst for SES commented. “This deviation has caused a deterioration in credit metrics to levels that are no longer commensurate with the previous Baa3 rating.” 

Moody’s noted it expects SES’s Aviation and Government segments to continue to generate strong revenue growth due to underlying strong demand. It also expects that value-added multi-orbit solutions should allow the company to sustain or modestly increase EBITDA.

SES said in a statement that the company “continues execute on its strategy with a clear plan to strengthen its key credit metrics over time.” 

SES said the rating action does not change its ability to operate its business, and the action is not expected to have a material impact on the interest payable under its existing debt facilities.

“Our priority is to convert our strong strategic position into continued durable cash generation and stronger credit metrics,” said CFO Lisa Pataki. “We also have a clear view of the multiple cash generating levers available to us that we believe can substantially support and accelerate our de-leveraging plan. We will use these levers in a disciplined way and keep investors informed as we deliver on our strategic plan.”