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S&P rates Sirius XM Canada notes BB-
Standard & Poor's said it assigned its BB- long-term corporate credit rating to Sirius XM Canada Holdings Inc. and its 100%-owned operating subsidiary, Sirius XM Canada Inc.
The outlook is stable.
At Feb. 28, the company had C$130.8 million of debt outstanding.
S&P also assigned its BB- issue-level rating and 3 recovery rating to Sirius XM Canada Holdings' proposed C$150 million seven-year senior unsecured notes offering. The 3 recovery rating reflects an expectation of meaningful (50%-70%) recovery in a default scenario.
Net proceeds will be used to redeem existing debt (including make-whole premiums and fees) and for general corporate purposes. The proposed notes are guaranteed by all material subsidiaries of the company.
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