Sirius XM's liquidity position has improved following several debt refinancings, and EBITDA generation has also shown recent improvement. The company plans to issue $250 million of senior secured notes. We are raising our corporate credit rating on the company to 'B-' from 'CCC+', and rating the proposed notes 'B+' with a recovery rating of '1'. The stable outlook reflects Sirius XM's manageable near-term debt maturities and prospects for improving operating performance through integration-related cost savings. On Aug. 13, 2009, Standard&Poor's Ratings Services raised its corporate credit rating on Sirius XM Radio Inc. and XM Satellite Radio Holdings Inc. (which we analyze on a consolidated basis) to 'B-' from 'CCC+'. The rating outlook is stable. In addition, we revised
