NEW YORK (Standard&Poor's) July 3, 2003--Standard&Poor's Ratings Services said today that Liberty Media Corp.'s agreement to acquire Comcast Corp.'s 57% interest in QVC Inc. for $7.9 billion has no effect on Liberty's 'BBB-' corporate credit rating or stable outlook. Liberty has five business days to determine how it will finance the transaction and has indicated that it is prepared to use a combination of debt and equity. The QVC acquisition achieves Liberty's goal of building a meaningful base of wholly owned operations. QVC has strong margins and discretionary cash flow, and it also offers future opportunities as electronic commerce further evolves. Separately, Standard&Poor's is keenly aware that Liberty is one of a field of
