Sirius XM Holdings Inc (SIRI)

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Moodys changes sirius rating outlook to positive

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DOW JONES NEWSWIRES

Moody's Investors Service raised its outlook on Sirius XM Radio Inc. (SIRI) to positive from stable, saying the company is expected to improve its free cash flow and debt ratios.
Moody's also backed the satellite-radio operator's junk-level B2 rating, which is five levels below investment grade.
The company has seen improved results in recent quarters as it kept a sharp eye on costs and expanded its subscriber base. Moody's said Sirius's effort to improve its finances should put it in a better position for its next cycle of major expenditures, including constructing and launching replacement satellites beginning as early as 2016.
The company said earlier this month that its first-quarter earnings rose 38% as the number of self-pay customers added more than doubled.
Shares closed Thursday at $1.89 and were unchanged after hours. The stock is up 3.9% year-to-date.

-By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; [e-mail]
(END) Dow Jones Newswires
May 31, 2012 17:05 ET (21:05 GMT)
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