Rain attenuation is among the major impairments for satellite systems operating in the K-band and above. In this paper, we investigate the impact of spatially correlated rain attenuation on the performance of a multibeam satellite return link. For a comprehensive assessment, an analytical model for the antenna pattern that generates the beams is also proposed. We focus on the outage capacity of the link and obtain analytical approximations at high and low signal-to-noise ratio. The derived approximations provide insights into the effect of key system parameters such as the interuser distance, the satellite beam radius, or the rain intensity, and simulation results show that it fits tightly with the Monte Carlo results. Additionally, the derived expressions can be easily particularized for the single-user case, providing some novel insights.