Sirius XM Radio (SIRI) Gets a Credit Rating Upgrade
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Standard & Poor's raised its corporate credit rating on Sirius XM Radio (Nasdaq: SIRI) from 'BB-' to 'BB', which is now just two notches below investment grade instead of three. The outlook is stable.
The firm said EBITDA generation and debt leverage have improved, largely as a result of subscriber growth and rising EBITDA margins. They believe progress in credit quality is sustainable.
S&P's stable outlook on the credit rating reflects a view that a continued recovery in auto sales will support revenue growth and maintain credit measures appropriate for the 'BB' rating over the intermediate term.
Shares of Sirius XM are responding positively to the news, up 1.7 percent to $1.82 at last check.
The firm said EBITDA generation and debt leverage have improved, largely as a result of subscriber growth and rising EBITDA margins. They believe progress in credit quality is sustainable.
S&P's stable outlook on the credit rating reflects a view that a continued recovery in auto sales will support revenue growth and maintain credit measures appropriate for the 'BB' rating over the intermediate term.
Shares of Sirius XM are responding positively to the news, up 1.7 percent to $1.82 at last check.
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