NEW YORK (Standard&Poor's) June 13, 2007--Standard&Poor's Ratings Services said today that it raised its corporate credit rating on New York-based Sirius Satellite Radio Inc. to 'CCC+' from 'CCC'. All ratings remain on CreditWatch with positive implications, where they were placed on Feb. 20, 2007, following the company's definitive agreement to an all-stock "merger of equals" with competitor XM Satellite Radio Holdings Inc. (CCC+/Watch Pos/--). At the same time, Standard&Poor's assigned its 'B' bank loan rating (two notches above the corporate credit rating) and recovery rating of '1' to the company's proposed $250 million senior secured credit facility, indicating the expectation for very high (90%-100%) recovery in the event of a payment default. The facility
