NEW YORK (Standard&Poor's) Nov. 4, 2004--Standard&Poor's Ratings Services said that its ratings on Liberty Media Corp. (BBB-/Negative/--) are not affected by the company's total return swap transaction, which will facilitate the acquisition of 84.7 million shares of News Corp. Inc. class B voting common stock. Completion of the acquisition of shares is conditioned on certain approvals, and is at Liberty's discretion. Liberty's obligation with regard to the swap, about $1.5 billion at today's prices, may be met with cash or marketable securities, potentially including its non-voting shares of News Corp. common stock. Liberty will have downside risk in the total return swap inasmuch as it has committed to reimburse its counter-party, Merrill Lynch, for any decline
