On Nov. 26, 2008, Standard&Poor's Ratings Services revised its outlook on Sirius XM Radio Inc. to negative from developing. The 'CCC+' corporate credit rating was affirmed. New York City-based Sirius XM had total debt outstanding of $3.37 billion as of Sept. 30, 2008. The issue-level ratings on the debt of Sirius XM Radio and of Sirius' unrestricted subsidiaries, XM Satellite Radio Holdings Inc. and XM Satellite Radio Inc., remain on CreditWatch with developing implications until additional information becomes available regarding pro forma subsidiary cash flows and collateral support for debt issued at Sirius and XM. Upon our examination of additional information, we could raise, affirm, or lower the issue-level ratings. The outlook revision reflects our concern over the
