On April 14, 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 'CCC+' from 'CCC'. In accordance with this rating change, we also raised our issue-level ratings on the companies' debt by one notch (with the exception of Sirius XM's senior unsecured notes, which were affirmed at 'CCC-'). All of these ratings were removed from CreditWatch, where we placed them with positive implications on Feb. 17, 2009. The corporate credit rating outlook is stable. Also, we revised the recovery rating on Sirius XM's 9.625% and 3.25% senior unsecured notes to '6', indicating our expectation of negligible (0% to 10%)
