NEW YORK (Standard&Poor's) Aug. 16, 2002--Standard&Poor's Ratings Services said today that it has lowered its ratings on satellite radio provider Sirius Satellite Radio Inc. and placed the ratings on CreditWatch with negative implications based on debt restructuring concerns. The corporate credit rating was lowered to triple-'C' from triple-'C'-plus. Sirius Satellite Radio is based in New York, N.Y. Total debt as of June 30, 2002 was $599 million. "The actions follow the company's announcement that it is in discussions with key debtholders regarding exchanging a significant portion of debt for equity", said Standard&Poor's credit analyst Steve Wilkinson. "Standard&Poor's is concerned that a debt restructuring could be significantly detrimental to bondholders, and would consider
