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We present a new stochastic-dynamic model useful for the planning and design of gigahertz satellite communications using fade mitigation techniques. It is a generalization of the Maseng-Bakken and targets dual-site dual-frequency rain attenuated satellite links. The outcome is a consistent and comprehensive model capable of yielding theoretical descriptions of: 1) long-term power spectral density of rain attenuation; 2) rain fade slope; 3) rain frequency scaling factor; 4) site diversity; and 5) fade duration statistics using a novel method based on Markov Chains. We also present a simple rain attenuation synthesizer matching the predictions of the theoretical model.