...- Share repurchases at Sirius XM Radio Inc. have steadily increased Liberty Media's stake over the last several years. We expect continued share repurchase activity will cause Liberty Media's stake in the company to increase above 80% in 2021 from 76% in 2020. - Still, we continue to view Sirius XM as insulated from Liberty Media primarily due to its separate operations, independent board members, and minority ownership by institutional investors. As a result, we are affirming our '##' issuer credit rating on Sirius XM. - The stable outlook reflects our expectation that Sirius XM's leverage will remain in the mid-3x area over the next year as the company returns all of its free operating cash flow to shareholders. We expect EBITDA will be flat in 2021 as certain operating costs that were reduced in 2020, particularly during the early stages of the pandemic, return in 2021....
