Moody's upgrades Sirius to "positive"

TORONTO - Moody's Investors Service has upgraded Sirius Satellite Radio Inc.'s probability of default rating to Caa3 from Ca, and revised its ratings outlook to “positive” from “negative”. The move comes in response to Liberty Media’s offer to invest $530 million in loans to Sirius and its subsidiaries, in exchange for an equity interest in the satellite broadcaster. Sirius' corporate family rating, which indicates expected loss, will remain at Ca, and its speculative grade liquidity rating remains unchanged at SGL-4 (indicating poor liquidity), the press release said. Moody's downgraded Sirius’ probability of default rating and corporate family rating to Ca...