NEW YORK (Standard & Poor's) May 3, 2013--Standard & Poor's Ratings Services
today assigned New York City-based satellite radio company Sirius XM Radio
Inc.'s issuance of $500 million 4.625% senior notes due 2023 an issue-level
rating of 'BB', with a recovery rating of '3'. The '3' recovery rating
indicates our expectation of meaningful (50% to 70%) recovery in the event of
a payment default. Sirius plans to use the net proceeds for general corporate
purposes, which includes share repurchases and, over time, the potential
repayment of higher coupon debt. Cash balances were roughly $1 billion at
March 31, 2013, pro forma for the $150 million repayment of revolving credit
facility borrowings.