On March 7, 2003, Standard&Poor's Ratings Services lowered its senior secured ratings on satellite radio provider Sirius Satellite Radio Inc. to 'D' from 'CCC–' following the exchange of most of its debt and all of its preferred stock for common stock. At the same time, the ratings were removed from CreditWatch where they were placed on Aug. 16, 2002. The corporate credit and subordinated debt ratings on the company were already 'D' due to a missed interest payment. New York, N.Y.-based Sirius has about $60 million in debt following the retirement of 91% of its debt as part of its restructuring. Standard&Poor's views the terms and nature of the exchange to be tantamount to a default.
