Moody's Upgraded Sirius XM (SIRI) to B1 from B2
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Moody's upgraded Sirius XM Radio Inc.'s (Nasdaq: SIRI) Corporate Family Rating (CFR) to B1 from B2 and Probability-of-Default Rating (PDR) to Ba3 from B1. Moody's also assigned a B1, LGD4-60% rating to the company's proposed $400 million of new senior notes.
Moody's said the upgrades reflect their expectations for improved operating performance and credit metrics, including subscriber growth above previously indicated levels and enhanced financial flexibility due to its proposed refinancing resulting in near term debt reduction, extended maturities, and stronger coverage ratios. The speculative-grade liquidity rating is unchanged at SGL-2 and the rating outlook is stable.
Moody's said the upgrades reflect their expectations for improved operating performance and credit metrics, including subscriber growth above previously indicated levels and enhanced financial flexibility due to its proposed refinancing resulting in near term debt reduction, extended maturities, and stronger coverage ratios. The speculative-grade liquidity rating is unchanged at SGL-2 and the rating outlook is stable.
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