U.S. satellite radio company Sirius XM's EBITDA generation and discretionary cash flow have improved, largely as a result of operating synergies and integration-related cost savings. We are raising our corporate credit rating on Sirius XM to 'B' from 'B-'. The positive rating outlook reflects the company's prospects for continued improvement in operating performance and declining debt leverage. On Jan. 27, 2010, Standard&Poor's Ratings Services raised its corporate credit rating on Sirius XM Radio Inc. and its subsidiaries, XM Satellite Radio Holdings Inc. and XM Satellite Radio Inc. (which we analyze on a consolidated basis), to 'B' from 'B-'. The rating outlook is positive. Our outstanding issue-level ratings on the company were also raised by one notch, in conjunction
