New York, August 9 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has upgraded the Corporate Family Rating (CFR) from B2 to B1 and Probability Default Rating from B1 to Baa3 of Sirius XM Radio Inc (NASDAQ: SIRI). The outlook on the ratings has been stable.
In a research note published yesterday, the analysts state that the B1 CFR indicates Moody’s expectations that debt to EBITDA ratios will improve to less than 3.75x over the rating horizon due to EBITDA growth in combining with proposed debt repayments.
Management has announced its plans to redeem the company’s 13 percent of senior notes with proceeds from the issuance of $400 million of new senior notes and cash. However, the stable outlook indicates Moody’s view that SIRI would achieve its revenue and EBITDA plan for 2012 resulting in leverage and free cash flow ratios improving to levels which are matching with management’s 3.0x target for debt to EBITDA ratios.
The outlook indicates SIRI maintaining good liquidity, even during periods of satellite construction and the likelihood of share repurchases or dividends funded from a portion of free cash flow. The outlook assumes that changes in the corporate structure will not adversely effect the company’s operating strategy, credit metrics or financial policies, the analysts say.
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