Sirius XM got its bailout, and now it’s getting a (slightly) better credit rating.
Standard & Poor’s “raised the junk-territory rating to ‘CCC+’ from ‘CCC’ and raised the issue-level ratings also by one level, but kept the company’s senior unsecured notes at ‘CCC-‘,” the AP reports. The firm cited “increased comfort with the company’s near-term liquidity needs.”
The satellite radio firm will still have significant growth challenges, and is still a penny stock, closing Tuesday at $0.35.
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