Sirius XM Radio Inc. has granted a first-priority lien for its $400 million 5.25% senior notes due 2022. We raised the rating on the company's 5.25% senior notes due 2022 to 'BBB-' from 'BB', and revised our recovery rating on these notes to '1' from '3'. We are affirming our 'BB' corporate credit rating on Sirius XM Radio Inc. The rating outlook is stable, reflecting our view that leverage will not increase above our 4.5x threshold for Sirius at a 'BB' rating, despite more aggressive financial policies following Liberty Media Corp.'s January 2013 increase in its investment to a majority ownership stake. NEW YORK (Standard&Poor's) April 10, 2014--Standard&Poor's Ratings Services today affirmed its 'BB' corporate credit
