Moody's upgrades Sirius XM

Moody's Investors Service said it upgraded Sirius XM Radio Inc.'s corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD.

Moody's said the upgrades reflect its expectations for continued growth in the subscriber base which supports EBITDA increases over the next 18 months as well as our expectations for debt-to-EBITDA ratios being sustained within management's target range.

In addition, Moody's affirmed the SGL-1 speculative grade liquidity rating and B1 ratings on the 8¾% senior notes, 7 5/8% senior notes and the 5¼% senior notes.

The outlook remains stable.

The affirmation of the debt instrument ratings reflects the removing the temporary one notch override that was used previously under the Loss Given Default approach, the agency said.

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