NEW YORK (Standard&Poor's) Aug. 8, 2012--Standard&Poor's Ratings Services said today that it assigned New York City-based satellite radio company Sirius XM Radio Inc.'s proposed issuance of senior notes due 2022 its 'BB' issue-level rating and '3' recovery rating. The '3' recovery rating reflects our expectations for meaningful (50% to 70%) recovery in the event of a payment default. Sirius plans to use the net proceeds for general corporate purposes, including refinancing its 13% senior notes due 2013 ($681 million outstanding as of June 30, 2012). The rating on Sirius incorporates 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
