On May 1, 2003, Standard&Poor's assigned a 'BBB-' rating to Liberty Media Corp.'s proposed Rule 415 shelf drawdown of $1 billion of senior notes due 2013. At the same time, Standard&Poor's affirmed its 'BBB-' corporate credit rating. The outlook is stable. The ratings on Liberty rely on the breadth, value, and liquidity of its investments; a balance of debt and equity in the financing strategy; and good performance of its wholly owned businesses. Liberty is subject to both the market risks of its financial assets and the operating risks of its majority and wholly owned assets. The company historically has invested in companies in which it can have some voice in management, and over time, grow and
