S&P upgrades Sirius XM

Standard & Poor's said it raised the corporate credit rating on Sirius XM Radio Inc. and subsidiary XM Satellite Radio Inc. to BB from BB-.

The outlook is stable.

The upgrade reflects the company's declining debt leverage, improving discretionary cash flow and the prospects for continued improvement in credit measures through the remainder of 2011 and 2012, S&P said.

The rating also considers the expectation that debt levels will remain relatively stable, the agency said, and that the company will continue to reduce gross adjusted debt leverage to the mid-3x area by the end of 2012.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.