NEW YORK (Standard&Poor's) Nov. 21, 2003--Liberty Media Corp.'s plan to reduce debt by $2.5 billion by year-end 2003 and a further $2 billion by the end of 2005, and to pursue share repurchases, does not affect Liberty's 'BBB-' corporate credit rating or stable outlook. Debt reduction is expected to be funded from Liberty's cash balances, which were at $4.8 billion as of Sept. 30, 2003; its free cash flow, which should approach $1 billion annually with the inclusion of QVC Inc.; and non-strategic equity investments. The shrinkage of investments-held-available-for-sale, of excess cash, and of debt continues the process of transforming Liberty's structure from an investment-company-like model to more of an operating company, which can fund growth strategies from
