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S&P rates Sirius Satellite notes CCC-
Standard & Poor's said it assigned its CCC- rating to Sirius Satellite Radio Inc.'s new $200 million 3.25% senior unsecured convertible notes due 2011 and affirmed its existing ratings, including its CCC corporate credit and senior secured debt rating, CCC- senior unsecured debt rating and CC subordinated debt rating, on the company.
The outlook is stable.
The satellite radio broadcaster plans to use the proceeds from these transactions for general corporate purposes, including investments in programming and distribution.
S&P said the very low speculative-grade rating on Sirius reflects concern about its slow progress in building its subscriber base, substantial EBITDA losses and cash consumption and the significant increase in subscribers needed to reach break-even cash flow as a result of its expensive programming agreement with Howard Stern.
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