Moody's downgrades SES credit rating, flags weak results and Intelsat integration costs

Moody's downgraded SES's credit rating today, citing weaker-than-expected financial results and higher-than-anticipated costs tied to integrating Intelsat after the takeover. SES has issued a formal response to the downgrade; details of its rebuttal and next steps were included in the company statement.

Discovered 2025-12-18T12:42:56.820412-08:00 | 2025-12-18T12:42:56.820412-08:00

Briefing

What Hype is tracking

  • The downgrade reflects near-term financial pressure after SES reported an approximately 10% decline in adjusted EBITDA, undercutting recent revenue growth and margin expectations (see the company’s report on its EBITDA decline: https://hype.aero/?story=62680ce8-8ea4-42d5-a151-f28f1251446a).
  • Moody’s specifically cited costs from SES’s takeover and integration of Intelsat — SES only fully consolidated Intelsat from 17 July 2025 and reported €1.7bn YTD revenue while noting profit slippage (context on the Intelsat consolidation and YTD results: https://hype.aero/?story=1f6d4a3e-3d7d-4c6e-a848-220901caf997).
  • The downgrade comes as SES positions the combined business to expand into direct inflight connectivity relationships following the Intelsat deal, a strategic move now being assessed against the company’s weaker profit trajectory (background on SES’s inflight connectivity plans: https://hype.aero/?story=f04ed957-71c2-4f47-909b-72528af6c88d).

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3
First Seen
2025-12-18T12:42:56.820412-08:00
Latest Update
2025-12-22T10:08:24.824008-08:00
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