NEW YORK (Standard&Poor's) May 22, 2003--Standard&Poor's Ratings Services said today that it raised its corporate credit rating on Sirius Satellite Radio Inc. to 'CCC' from 'D'. At the same time, Standard&Poor's assigned its 'CCC–' rating to Sirius' $175 million 3.5% convertible senior notes due 2008. The outlook is stable. On a pro forma basis, the New York, N.Y.-based satellite radio broadcaster has about $235 million in debt. "The rating actions and the stable outlook reflect the company's improved capital structure and liquidity following its recent recapitalization in which the company exchanged 91% of its debt and all of its preferred stock for equity and raised $200 million in new equity from key financial partners,"
