SES - comment

We doubt this will become relevant to the credit. If you are the only user of MEO satellites, you might as well build some of them yourself. Aside from political motivation, that'll be at least half of SES' reasoning behind the opening of its own manufacturing plant in Luxembourg. The timing is not coincidental. Both Eutelsat and SES have had to make commitments to new satellite orders and infrastructure in recent weeks, following more wide ranging agreements reached on the roll-out of IRIS2.