On August 16, 2002, Standard&Poor's Ratings Services lowered its ratings on Sirius Satellite Radio Inc. (see list below) and placed them on CreditWatch with negative implications. The actions were based on the company's announcement that it is in discussions with key debtholders regarding exchanging a significant portion of debt for equity. No agreement has yet been reached with debtholders regarding the terms of the exchange. Standard&Poor's is concerned that a debt restructuring could be significantly detrimental to bondholders, and would consider the completion of an exchange offer at less than the par value as tantamount to a default. Cash and marketable securities balances as of June 30, 2002, were $320 million, which the company estimates will
