On March 4, 2008, Standard&Poor's Ratings Services revised the CreditWatch implications of the ratings on New York, N.Y.-based Sirius Satellite Radio Inc. to developing from positive. We originally placed the ratings on CreditWatch, with positive implications, on Feb. 20, 2007, based on the company's definitive agreement to an all-stock "merger of equals" with XM Satellite Radio Holdings Inc. (CCC+/Watch Developing/--). Today's action reflects our concern that if the merger isn't approved, as a standalone company Sirius could face refinancing challenges in 2009. The revision doesn't reflect any new information regarding the potential merger, which is still awaiting a decision from the Department of Justice and FCC, nor does it increase or decrease our estimated probability of the merger
