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S&P: Sirius outlook negative
Standard & Poor's said it revised the outlook on Sirius XM Radio Inc. to negative from developing and affirmed its CCC+ corporate credit rating.
"The outlook revision reflects our concern over the company's ability to refinance significant debt maturities in 2009, amid persistently weak credit market conditions," S&P analyst Hal Diamond said in statement.
The rating reflects the company's substantial debt load, historically large EBITDA losses, discretionary cash flow deficits and sizable 2009 debt maturities, the agency said.
These factors are minimally tempered by the potential operating synergies and cost-saving opportunities arising from the July 2008 acquisition of XM Satellite Radio Holdings Inc., its only direct competitor, the agency noted.
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