Summary: Sirius XM Radio Inc. - S&P Global Ratings’ Credit Research

Summary: Sirius XM Radio Inc.

Summary: Sirius XM Radio Inc. - S&P Global Ratings’ Credit Research
Summary: Sirius XM Radio Inc.
Published Sep 29, 2014
2623 words — Published Sep 29, 2014
Price US$ 225.00  |  Buy this Report Now

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Abstract:

The only U.S. satellite radio operator. Large subscriber base with stable monthly subscriber churn of slightly less than 2% despite gradual price increases. Heavy dependence on U.S. automotive sales for growth. Long-term vulnerability to intensifying competition from Internet radio service providers. Significant debt leverage since Liberty Media Corp. gained majority control in 2013. We assume stable debt leverage because debt-financed share repurchases will offset revenue and EBITDA gains. Robust discretionary cash flow generation. Moderate capital spending requirements, though with recurring periods of capital intensity. Adequate covenant headroom with no step-downs. The stable rating outlook on Sirius XM Radio Inc. reflects Standard&Poor's Ratings Services' view that the company's leverage will not increase above our 4.0x threshold for the 'BB'

  
Brief Excerpt:

RESEARCH Summary: Sirius XM Radio Inc. Publication date: 29-Sep-2014 Primary Credit Analyst: Hal F Diamond, New York (1) 212-438-7829; harold.diamond@standardandpoors.com Secondary Contact: Jeanne L Shoesmith, CFA, Chicago (1) 312-233-7026;...

  
Report Type:

Summary

Ticker
SIRI
Issuer
Sirius XM Radio Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Summary: Sirius XM Radio Inc." Sep 29, 2014. Alacra Store. May 08, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Sirius-XM-Radio-Inc-1361711>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Sirius XM Radio Inc. Sep 29, 2014. New York, NY: Alacra Store. Retrieved May 08, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Sirius-XM-Radio-Inc-1361711>
  
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