CHICAGO (Standard&Poor's) April 2, 2013--Standard&Poor's Ratings Services today assigned Liberty Interactive LLC's proposed $550 million exchangeable debentures due 2043 a 'BB' (the same as our corporate credit rating on Liberty Interactive Corp.) issue-level rating with a recovery rating of '4', indicating our expectation for average (30% to 50%) recovery in the event of a payment default. Liberty Interactive LLC is a subsidiary of Liberty Interactive Corp. Our 'BB' corporate credit rating on Liberty Interactive Corp. reflects our view on the consolidated entity, including QVC Inc., Liberty Interactive LLC, and other subsidiaries. The rating outlook is stable. Each debenture is exchangeable into a combination of Time Warner Inc. and Time Warner Cable Inc. shares or cash having
