S&P revises Sirius XM debt recovery rates

Standard & Poor's said it affirmed the BB corporate credit rating on Sirius XM Radio Inc.

The outlook is stable.

The agency also said it revised the recovery rating on the company's $400 million of 5¼% senior secured notes due 2022 to 1 from 3 and raised the rating to BBB- from BB, indicating 90% to 100% expected default recovery.

S&P also said it affirmed the BBB- rating on the company's $1.25 billion revolving credit facility due December 2017 with a recovery rating of 1, indicating 90% to 100% expected default recovery.

The agency also affirmed the BB rating on its senior notes with a recovery rating of 3, indicating 50% to 70% expected default recovery, and the BB rating on its $502 million 7% senior subordinated notes due Dec. 1, 2014 with a recovery rating of 4, indicating 30% to 50% expected default recovery.

The ratings reflect the company's fair business risk profile and intermediate financial risk profile, S&P said.

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