NEW YORK (Standard&Poor's CreditWire) Feb. 23, 2001— Standard&Poor's today placed the ratings of Liberty Media Corp. on CreditWatch with negative implications (see list below). This follows the company's announcements that it intends to invest up to $1.4 billion in cash in United Globalcom Inc. (UGC, single-'B'-plus corporate credit rating) in the form of a convertible preferred stock instrument, and has entered into a letter of intent to purchase a majority stake in six regional cable systems in Germany from Deutsche Telekom AG (DT) with partner Klesch&Co. The investment in UGC is being substituted for the transfer of Liberty's stake in Telewest PLC to UGC, which was part of an earlier agreement. Upon closing, Liberty's
