NEW YORK (TheStreet) -- Sirius XM (SIRI) shares are up 3.1% to $3.19 in early market trading on Friday.
The bump follows the company reporting that the ratings on the 5.25% senior notes due 2022 it issued have been upgraded by both Standard & Poors and Moody's (MCO).
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The increase follows the company granting liens to secure the notes. Standard & Poors upgraded the notes to "BBB" from "BB," while Moody's upgraded the notes to "Baa3" from "B1"
Sirius saw a year over year 2013 fourth quarter increase of 12% in revenue driven by an 8% increase in its subscriber base.
Sirius now boasts 25.6 million subscribers and expects that number to grow in the coming year.
TheStreet Ratings team rates SIRIUS XM HOLDINGS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SIRIUS XM HOLDINGS INC (SIRI) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."