NEW YORK (Standard&Poor's) Dec. 3, 2001--Standard&Poor's today affirmed its ratings on Liberty Media Corp. (BBB-/Stable/--) The outlook is stable. The affirmation follows Liberty's agreement to: -- invest $200 million of cash in equity of New UnitedGlobalCom Inc.(New UGC), which will become the immediate parent company of the existing UGC (Old UGC)., and -- repay a $540 million obligation to Old UGC, by issuing new Liberty public debt. This transaction will bring Liberty's total investment in UGC--including its subsidiary, United Pan-Europe Communications N.V.(UPC)--to $2.1 billion. Following the completion of this transaction, and the purchase of a further $20 million of newly issued Old UGC shares, Liberty will hold roughly a 76% stake in New UGC equity, and
