Tuesday, September 12, 2006

S & P Raises Outlook On Sirius

September 12, 2006

The AP is reporting that S & P has raised their outlook for Sirius Satellite Radio.

Article Excerpt:

AP

S&P Raises Sirius Rating Outlook

Tuesday September 12, 11:00 am ET

S&P Increases Sirius Rating Outlook on Growing Subscription Base, Affirms Debt Ratings
NEW YORK (AP) -- Standard & Poor's Ratings Services on Tuesday increased its outlook for Sirius Satellite Radio Inc. debt to "positive," citing the company's growing subscription base.
Standard & Poor's also affirmed Sirius' credit ratings, including the "CCC" rating on the company's corporate debt. Under S&P's system, "CCC" indicates a high risk for default, also known as "junk" grade debt. S&P said Sirius had about $1.1 billion in debt as of June 30.

The outlook, which had been "stable," indicates the direction in which the ratings may move.
Sirius is the second-largest satellite radio operator behind XM Satellite Radio Holdings Inc. But Sirius, which began broadcasting shock jock Howard Stern in January, has closed the gap in the past six months, signing up new subscribers at a faster rate than XM......"

Interested SSG readers can get the rest of the story HERE