Investors fret over Eutelsat and SES finances as Starlink threat looms

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Financial Times 14h ago

Investors fret over Eutelsat and SES finances as Starlink threat looms - Financial Times

Quick Summary:

Despite Europe’s attempt to boost its own industry, Italy’s government, led by Giorgia Meloni, has entered preliminary talks with Musk’s SpaceX over a potential deal worth up to €1.5bn to provide secure military communications.

SES’s debt is rated at BBB at Fitch and Baa3 at Moody’s, placing it just inside of investment-grade territory.“It’s just too hard to tell how that industry will play out with Starlink’s advances . . . Visibility of that threat is troublesome,” said another high-yield bond investor.

Eutelsat said its low Earth orbit product “is a highly competitive global offering” and said it was “uniquely positioned” in the market.