Only U.S. satellite radio operator Increased number of automotive models under exclusive contracts for factory installation of satellite radios Steady stream of new subscribers from ongoing conversion of roughly 45% of automaker promotional subscribers to paid status Increasing discretionary cash flow Recurring periods of capital intensity Absence of a revolver for back-up liquidity Dependence on U.S. automotive sales and consumer discretionary spending for growth Longer-term vulnerability to competition from alternative media Sizable debt maturities from 2013-2015. The rating on Sirius XM Radio reflects our expectation that debt levels will remain relatively stable, but that the company will continue to reduce gross debt to EBITDA, adjusted for operating leases and purchase price accounting adjustments, to the mid-3x area by the end
