On March 15, 2005, Standard&Poor's Ratings Services lowered its rating on Liberty Media Corp.'s senior unsecured debt to 'BB+' from 'BBB-', based on the company's plan to spin off to shareholders its 50% stake in Discovery Communications Inc. and its 100% ownership of Ascent Media Group Inc., without a commensurate reduction in debt. Ratings have been removed from CreditWatch, where they were placed with negative implications on Jan. 21, 2005. At the same time, Standard&Poor's lowered its other ratings on the company, including its corporate credit rating, to 'BB+' from 'BBB-'. The outlook is stable. Total principal value debt as of Dec. 31, 2004, was $10.9 billion. With this transaction, Liberty and creditors lose a stable,
