NEW YORK (Standard&Poor's CreditWire) May 20, 1999--Standard&Poor's today revised its rating outlook on CD Radio Inc. to negative from developing. At the same time, Standard&Poor's assigned its triple-'C'-plus rating to CD Radio's Rule 144A offering of $200 million 14.5% senior secured notes due 2009. The outstanding triple-'C'-plus corporate credit and senior secured debt ratings for the company were affirmed. The outlook revision is based on increased pre-operational funding requirements and delays in the expected commencement of the company's satellite-delivered radio service. Proceeds from the new notes will be used for satellite construction and launch, as well as for interest payments. Ratings reflect the substantial financial and business development risks that CD Radio faces in
