Moody’s lowered its rating for Sirius XM Radio due to continuing debt and liquiidity problems, Marketwatch reports. From a Moody’s statement:
“With nearly $1.0 billion of its $3.3 billion total debt coming due in the New Year ($190 million in February, $350 million in May and $433 million in December), and given the current background of capital market dislocation and the company’s poor liquidity situation, the rating actions anticipate that Sirius will be unable to repay or refinance its maturing debts without negotiating some sort of compromise arrangement with at least a portion of the affected constituents.”
Tech Stock Loser #1: Sirius
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