U.S.-based satellite radio provider Sirius XM Radio Inc. continues to generate strong revenue growth and stable cash flow while maintaining leverage in the low-3x area. The company's management has expressed an interest in entering into other areas of radio broadcasting, which could result in higher leverage and exposure to structural ad rate pressure and weaker profitability dynamics. We are affirming our ratings, including the 'BB' corporate credit rating, on the company. The stable rating outlook reflects our expectation that leverage will remain below 4x despite continued share repurchases and potential investments outside of satellite broadcasting. On May 24, 2018, S&P Global Ratings affirmed its 'BB' corporate credit rating on Sirius Radio XM Inc. The rating outlook is stable. At the
