NEW YORK (Standard&Poor's) May 1, 2014--Standard&Poor's Ratings Services today assigned New York City-based satellite radio company Sirius XM Radio Inc.'s proposed issuance of $750 million senior notes due 2024 an issue-level rating of 'BB', with a recovery rating of '3'. The '3' recovery rating indicates our expectation for meaningful (50% to 70%) recovery in the event of a payment default. We expect the company will initially use proceeds to repay revolving credit facility borrowings and ultimately to fund share repurchases. The rating on Sirius XM Radio incorporates our expectation that leverage will not increase above our 4.5x threshold for the company at this rating, because of its good operating outlook and growing discretionary cash flow, and
