Good liquidity through nonstrategic investments in major publicly traded media companies; Strong operating asset in QVC Inc.; Additional asset coverage of debt through derivative positions; Limited commitment, as a holding company, to certain equity affiliates and subsidiaries. Meaningful cash flow from only a portion of the asset portfolio; Uncertainty as to quick liquidation of private equity stakes and asset values; Possible triggering of significant tax liabilities with asset sales; Investment value fluctuation associated with public-company stakes; Fluid management strategy, highly sensitive to the company's own share price fluctuations; and Growth and acquisition strategy that may lead into unrelated fields. The 'BB+' corporate credit and senior unsecured debt ratings on diversified media holding company Liberty Media LLC reflect its large equity
