NEW YORK (Standard&Poor's) May 3, 2013--Standard&Poor's Ratings Services today assigned New York City-based satellite radio company Sirius XM Radio Inc.'s issuance of $500 million 4.625% senior notes due 2023 an issue-level rating of 'BB', with a recovery rating of '3'. The '3' recovery rating indicates our expectation of meaningful (50% to 70%) recovery in the event of a payment default. Sirius plans to use the net proceeds for general corporate purposes, which includes share repurchases and, over time, the potential repayment of higher coupon debt. Cash balances were roughly $1 billion at March 31, 2013, pro forma for the $150 million repayment of revolving credit facility borrowings. Our existing ratings on Sirius XM Radio, including the
