S P raises Sirius XM debt rating 1 notch
Post on: 2011-11-02 By: admin
NEW YORK (AP) — Standard & Poor's Ratings Services raised its credit rating on Sirius XM Radio Inc. on Wednesday, saying the satellite radio's progress in credit quality should be sustainable.S&P raised the credit rating to "BB," from "BB-" and said its outlook for the rating is stable.Sirius gets most of its revenue from subscriptions, which depend on new-car sales for growth."A continued recovery in auto sales will support revenue growth and maintain credit measures" in line with the rating, S&P wrote.Sirius shares fell a penny to close at $1.79.
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