On Oct. 13, 2004, Standard&Poor's Ratings Services assigned its 'CCC-' rating to Sirius Satellite Radio Inc.'s new $200 million 3.25% senior unsecured convertible notes due 2011. At the same time, Standard&Poor's affirmed its existing ratings, including its 'CCC' corporate credit rating, on the company. The outlook is stable. In addition, Sirius raised $96 million by issuing common stock. The satellite radio broadcaster plans to use the proceeds from these transactions for general corporate purposes, including investments in programming and distribution. Pro forma as of June 30, 2004, the New York, N.Y.-based firm had $626 million in debt. The very low speculative-grade rating on Sirius reflects concern about its slow progress in building its subscriber-base, substantial EBITDA
