We are revising the implications of the CreditWatch placement of our ratings on Liberty Media Corp. to positive from developing, and placing the ratings on its wholly owned subsidiary QVC Inc. on CreditWatch with positive implications. We will likely raise our ratings on Liberty Media and QVC to 'BB' with a stable outlook, assuming the company's previously announced split-off is completed as planned. Material changes to the split-off plan could lead us to revise the implications of our CreditWatch placement further, or to our changing the rating. On July 6, 2011, Standard&Poor's Ratings Services revised the CreditWatch implication on its ratings on Liberty Media Corp. to positive from developing. We originally placed the ratings on CreditWatch with developing
