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S&P: Sirius XM Radio on positive watch
Standard & Poor's said it placed its CCC corporate credit rating for Sirius XM Radio Inc. and XM Satellite Radio Holdings Inc., as well as all issue-level ratings for the company, on Creditwatch with positive implications.
According to the agency, the action is based on the recent announcement that Liberty Media Corp. (BB+/watch negative) will make a $530 million investment in Sirius and its subsidiaries in the form of a loan and an equity interest.
Liberty has initially agreed to provide a $280 million 15% senior secured loan due Dec. 2012 to repay Sirius' $171.6 million 2.5% convertible notes due Feb. 17, 2009, and to provide funds for general corporate purposes, the agency added.
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