NEW YORK (Standard&Poor's CreditWire) July 9, 2001--Standard&Poor's today assigned its triple-'C'-minus preliminary ratings to Sirius Satellite Radio Inc.'s $500 million Rule 415 universal shelf registration. All existing ratings on Sirius are affirmed (see list below). The outlook remains negative. The shelf filing is intended to provide additional long-term funding flexibility. Sirius believes that current cash balances will fund its capital needs through the third quarter of 2002. The ratings reflect the challenges Sirius faces as a startup company that is launching a new subscription radio service. Considerable uncertainty remains regarding consumer demand for pay radio and the required marketing costs to attract and retain subscribers. The company will also require a material amount of additional funding
