S&P says Sirius unchanged

Standard & Poor's said Sirius Satellite Radio Inc.'s ratings are unchanged including its corporate credit at CCC with a stable outlook are not affected by a potential shortfall in Sirius' year-end subscriber count.

Sirius disclosed that total subscribers at Dec. 31 would exceed 200,000 but did not confirm its previous guidance of at least 300,000. The company had 149,612 subscribers at Sept. 30.

Nonetheless, the ratings continue to be supported by Sirius' sizable liquid assets, which totaled $479 million at Sept. 30, S&P said.

Sirius has shown some progress in reaching factory and dealer installation programs with automotive partners, and has begun to fill in some product line gaps. Still, it needs to translate these achievements into better subscriber growth, S&P said.

Also, with cash consumption of about $80 million per quarter, its liquidity cushion will only support a stable outlook for a limited time.

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