Home Credit Ratings and Research S&P Global Ratings’ Credit Research Sirius XM Radio Inc.

Research Update: Sirius XM Radio 'CCC' Rating Placed On Watch Positive

Published Feb 17, 2009

About This Report

Abstract:

On Feb. 17, 2009, Standard&Poor's Ratings Services placed its 'CCC' corporate credit rating for Sirius XM Radio Inc. and XM Satellite Radio Holdings Inc. (which we analyze on a consolidated basis), as well as all issue-level ratings for the company, on CreditWatch with positive implications. The action is based on the recent announcement that Liberty Media Corp. (BB+/Watch Neg/--) will make a $530 million investment in Sirius and its subsidiaries in the form of a loan and an equity interest. Liberty has initially agreed to provide a $280 million 15% senior secured loan due December 2012 ($250 million which will be funded today), to repay Sirius' $171.6 million 2.5% convertible notes due Feb. 17, 2009, and to provide

Report Type:

Research Update

Ticker

SIRI

Issuer

Sirius XM Radio Inc.

Sector

Global Issuers

Country

United States

Region

United States

Format:

HTML

Sirius XM Rating Raised To 'CCC+'; Outlook Stable; Secured PIK Notes Rated – 2009/04/14 – US$ 150.00

Research Update: Sirius XM Radio Rating Raised To 'CCC+'; Outlook Stable; Secured PIK Notes Rated – 2009/04/14 – US$ 225.00

Sirius XM's $350M Senior Secured Notes Rated 'B' (Recovery Rating: 1) – 2009/06/23 – US$ 150.00

Research Update: Sirius XM Radio's $350M Senior Secured Notes Rated 'B' (Recovery Rating: 1) – 2009/06/23 – US$ 225.00

Sirius XM Radio Rating Raised To 'B-'; $250M Senior Secured Notes Rated 'B+' (Recovery Rating: 1) – 2009/08/13 – US$ 150.00

Sirius XM Radio 'CCC' Rating Put On Watch Positive – 2009/02/17 – US$ 150.00

Sirius XM Radio Inc. Debt Ratings Affirmed; Subsidiaries' Debt Ratings Raised – 2009/02/13 – US$ 150.00

Sirius XM Radio Inc. Downgraded To 'CCC' Because Of Debt Refinancing Concerns – 2009/01/16 – US$ 150.00

Research Update: Sirius XM Radio Inc. Corporate Credit Rating Lowered To 'CCC' On Debt Refinancing Concerns – 2009/01/16 – US$ 225.00

Sirius XM Radio Inc. 'CCC+' Rating Outlook Revised To Negative From Developing – 2008/11/26 – US$ 150.00

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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Research Update: Sirius XM Radio 'CCC' Rating Placed On Watch Positive" Feb 17, 2009. Alacra Store. May 11, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Sirius-XM-Radio-CCC-Rating-Placed-On-Watch-Positive-703014>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: Sirius XM Radio 'CCC' Rating Placed On Watch Positive Feb 17, 2009. New York, NY: Alacra Store. Retrieved May 11, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Sirius-XM-Radio-CCC-Rating-Placed-On-Watch-Positive-703014>

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