NEW YORK (Standard&Poor's) March 26, 2008--Standard&Poor's Ratings Services today said its ratings on New York City-based Sirius Satellite Radio Inc. remain on CreditWatch with developing implications, where we originally placed them on March 4, 2008, due to our concerns over standalone refinancing risks Sirius might face in 2009 if its merger with XM Satellite Radio Holdings Inc. (CCC+/Watch Developing/--) wasn't approved. "Today's CreditWatch update follows the recent announcement by the Department of Justice that it will not block the proposed merger of the two companies," explained Standard&Poor's credit analyst Michael Altberg. The merger must still be approved by the FCC. Ratings remain on CreditWatch developing pending clarification of the ultimate capital structure and refinancing
