NEW YORK (Standard&Poor's) Nov. 19, 2003--Standard&Poor's Ratings Services said today that Sirius Satellite Radio Inc.'s (CCC/Stable/--) proposed offering of 73.1 million shares of common stock, which would raise about $160 million in gross proceeds based on the November 18 closing price, does not affect the company's ratings or outlook. Gross proceeds could increase to about $184 million with over-allotment shares. The equity injection would increase Sirius' sizable liquid assets, $479 million at Sept. 30, 2003, which continue to support the rating. The added liquidity should provide some additional support for the stable outlook for a short period of time, and could improve the company's ability to run promotions to build its subscriber base or improve distribution.
