The ratings on Liberty Media Corp. rely on the breadth, value, and liquidity of its investments; a balance of debt and equity in the financing strategy of international investments; and good performance of its wholly owned businesses. Liberty's business includes both the risks of its portfolio assets and the operating risks of its majority and wholly owned assets. The company's strategy is to invest in companies where it can have some management involvement, and over time, grow and potentially consolidate them into more powerful industry players that could offer greater liquidity. Its cable programming operations and assets include very strong industry players. Its cable operations, however, pose some operating risks; its United Globalcom Inc. (UGC) investment and key European, Latin
