S&P raises Sirius XM

Standard & Poor's said it raised its corporate credit rating on Sirius XM Radio Inc. and XM Satellite Radio Holdings Inc. to CCC+ from CCC.

In accordance with this rating change, the agency said it also raised its issue-level ratings on the companies' debt by one notch, with the exception of Sirius XM's senior unsecured notes, which were affirmed at CCC-.

All of these ratings were removed from Creditwatch, where the agency said it placed them with positive implications on Feb. 17.

The outlook is stable.

Also, the agency said it revised the recovery rating on Sirius XM's 9.625% and 3.25% senior unsecured notes to 6.

At the same time, the agency said it assigned XM Satellite Radio Holdings Inc.'s $172.5 million of 14% senior secured pay-in-kind notes due 2011 an issue-level rating of CCC with a recovery rating of 5.

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