U.S. satellite radio company Sirius XM Radio Inc.'s EBITDA generation and debt leverage have improved, largely as a result of the resumption of subscriber growth, selective price increases, and cost reductions. We believe progress in credit quality is sustainable. We are raising our corporate credit rating on Sirius XM to 'BB-' from 'B+'. The stable rating outlook reflects our view that a continued recovery in auto sales will enable Sirius XM to stimulate growth and maintain credit measures appropriate for the 'BB-' rating over the intermediate term. On Dec. 10, 2010, Standard&Poor's Ratings Services raised its corporate credit rating on New York City-based Sirius XM Radio Inc. and its subsidiaries, XM Satellite Radio Holdings Inc. and XM Satellite
