Thu Dec 13, 2012 12:34pm EST
Dec 13 - Standard & Poor's Ratings Services said today that it assigned New
York City-based satellite radio company Sirius XM Radio Inc.'s
(BB/Stable/--) $1.25 billion senior secured revolving credit facility due 2017
our 'BBB-' issue-level rating (two notches above our 'BB' corporate credit
rating on the company), with a recovery rating of '1'. The '1' recovery rating
reflects our expectation of very high (90% to 100%) recovery in the event of a
payment default. The 'BB' rating on the company's senior unsecured debt, with a
recovery rating of '3' and 'BB' rating on its subordinated debt, with a recovery
rating of '4' are not affected by the proposed addition of secured debt in the
capital structure, based on our expectation of slightly better creditor recovery
prospects, given consistent subscriber additions and stable churn, despite price
increases.