On July 11, 2008, Standard&Poor's Rating Services revised its rating outlook on Englewood, Colo.-based Liberty Media Corp. to stable from negative. All ratings on the company, including the 'BB+' corporate credit rating, were affirmed. Total debt outstanding as of March 31, 2008 was $13.1 billion (outstanding principal). The outlook revision is based on our view that Liberty's equity purchase standstill agreement with DIRECTV Group Inc. lessens the probability of the company pursuing an outright purchase of the remaining stakes in DIRECTV. The outlook change also incorporates our expectation for steady performance of key operating subsidiaries QVC Inc. and Starz Entertainment. The 'BB+' rating reflects our view that management's financial strategy could become more aggressive and shareholder-favoring. Liberty Media's
