...CHICAGO (Standard & Poor's) March 3, 2015--Standard & Poor's Ratings Services today assigned its '##' issue-level rating and '3H' recovery rating to New York City-based satellite radio company Sirius XM Radio Inc.'s proposed $750 million senior notes due 2025. The '3H' recovery rating indicates our expectation for meaningful recovery (60%-69.9%) of principal in the event of a payment default. We expect that the company will initially use the proceeds from the note issuance to repay revolving credit facility borrowings and to ultimately fund share repurchases. Our corporate credit rating on Sirius XM incorporates our expectation that the company's leverage will not increase above our 4x threshold for the rating because of its good operating outlook and growing operating cash flow, and despite its moves to boost shareholder returns. We assess Sirius XM's business risk profile as "fair," reflecting its stable subscriber churn, dependence on U.S. new auto sales and consumer discretionary spending...
