The ratings on Liberty Media Corp. rely on the breadth, value, and liquidity of its investments, good performance of its wholly-owned businesses, and Standard&Poor's assumptions regarding the completion of the company's debt reduction program, partly offset by some concerns over long-term investment focus and shareholder-oriented strategies. The company is planning to use a combination of assets and $545 million of cash to buy back 120.3 million Liberty class A shares (valued at about $1 billion) issued to Comcast Corp. in the acquisition of QVC Inc. in late 2003. The share repurchase follows the second quarter contribution of $550 million in cash and assets to Liberty Media International Inc. (LMI) prior to its split off, and the first quarter
