On March 28, 2005, Standard&Poor's Ratings Services assigned its 'CCC' rating to Sirius Satellite Radio Inc.'s proposed $250 million Rule 144A senior unsecured notes maturing in 2015. At the same time, Standard&Poor's raised Sirius' senior unsecured debt ratings to 'CCC' from 'CCC-' and affirmed the company's 'CCC' corporate credit rating. The outlook remains stable. Proceeds will be used to repay $57.3 million in debt, including all of Sirius' secured debt, and boost liquidity. On a Dec. 31, 2004, pro forma basis, the New York, N.Y.-based satellite radio broadcaster had $849 million in debt. The upgrade of the senior unsecured debt is based on repayment of all of the company's higher priority debt, which will improve the
