Moody's rates Sirius XM notes B1

Moody's Investors Service said it assigned B1 rating to Sirius XM Radio Inc.'s proposed $600 million senior notes.

Net proceeds from the new notes plus available cash are expected to refinance the existing 8¾% senior notes due 2015.

All other ratings are unchanged, including the company's Ba3 corporate family rating, Ba3-PD probability of default rating and the B1 instrument ratings on the existing senior notes.

The stable outlook is unchanged.

The B1 ratings on the proposed and existing senior notes reflects their effective subordination to the unrated secured revolver.

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