Only U.S. satellite radio operator; Acquisition of XM Satellite Radio provides potential operating synergies and cost-saving opportunities; Progress in building subscriber base; Increased number of automotive models under exclusive contracts for factory-installation of satellite radios; and Steady conversion of automaker promotional subscribers to paid subscribers. Historically large EBITDA losses and discretionary cash flow deficits; Substantial debt balances; Sizable debt maturities in 2009; and Concerns about liquidity in the intermediate term if the company does not reverse negative cash flow or has difficulty accessing the capital markets. The rating on New York City-based Sirius XM Radio Inc. reflects the company's substantial debt load, historically large EBITDA losses and discretionary cash flow deficits, and sizable 2009 debt maturities, offset by the potential
