Standard&Poor's Ratings Services placed its ratings on Liberty Media Corp., including the 'BB+' corporate credit rating, on CreditWatch with negative implications. The CreditWatch placement is based on the company's plan to distribute a majority of its Liberty Entertainment tracking stock assets to existing Liberty Entertainment tracking stockholders through the split-off of a newly formed subsidiary, Liberty Entertainment Inc. The CreditWatch listing highlights the risk and uncertainty surrounding the company's future business strategy and capital structure. The transaction would be effected as a pro rata redemption of a portion of the outstanding shares of Liberty Entertainment tracking stock in exchange for all of the newly created shares of Liberty Entertainment Inc. If the transaction proceeds as planned, the transaction
