On Dec. 22, 2006, Standard&Poor's Ratings Services affirmed its ratings on Liberty Media LLC, including the 'BB+' corporate credit rating, and removed them from CreditWatch, based on our assessment that liquidity, asset coverage, and business prospects remain consistent with current ratings, notwithstanding various corporate-restructuring and debt-refinancing moves. Ratings were placed on CreditWatch with negative implications on Nov. 10, 2005, following the company's announcement that it would issue a tracking stock to track the performance of QVC Inc. and Liberty's minority stakes in IAC/InterActiveCorp and Expedia Inc. The rating outlook is negative. Total debt outstanding was about $11 billion as of Sept. 30, 2006. The 'BB+' corporate credit and senior unsecured debt ratings reflect Liberty's equity portfolio concentrated in
