Liberty Interactive LLC Unsecured Debt Recovery Rating Revised To '3' On Improved Market Value, 'BB' Rating Unchanged

NEW YORK (Standard&Poor?s) Aug. 19, 2015--Standard&Poor?s Ratings Services today revised its recovery rating on Liberty Interactive LLC?s unsecured debentures to '3' from '4'. The 'BB' issue-level rating remains unchanged. The '3' recovery rating indicates our expectations of meaningful recovery in the event of default at the higher end of the 50% to 70% range. The revision follows the improved market value for equity investment holdings, which we continue to stress at 60% for our estimate on tax liability and stock price volatility. Liberty Interactive LLC is a subsidiary of Liberty Interactive Corp. The ratings on the secured debt issued by its QVC subsidiary remain 'BBB-' with a '1' recovery rating, which indicates our expectation of very

...NEW YORK (Standard & Poor's) Aug. 19, 2015--Standard & Poor's Ratings Services today revised its recovery rating on Liberty Interactive LLC's unsecured debentures to '3' from '4'. The '##' issue-level rating remains unchanged. The '3' recovery rating indicates our expectations of meaningful recovery in the event of default at the higher end of the 50% to 70% range. The revision follows the improved market value for equity investment holdings, which we continue to stress at 60% for our estimate on tax liability and stock price volatility. Liberty Interactive LLC is a subsidiary of Liberty Interactive Corp. The ratings on the secured debt issued by its QVC subsidiary remain '###-' with a '1' recovery rating, which indicates our expectation of very high recovery (90% to 100%) in the event of a payment default. Our '##' corporate credit rating and stable outlook at Liberty Interactive Corp. are unchanged following the company's announcement that it plans to acquire online retailer zulily Inc....

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