The ratings on Liberty Media Corp. rely on the breadth, value, and liquidity of its equity investments; good performance of its two significant wholly owned businesses; and Standard&Poor's Ratings Services' assumptions regarding the completion of the company's debt reduction program. These factors are partially offset by some concerns about long-term investment focus and shareholder-oriented strategies. Denver, Colo.-based Liberty, with gross debt of about $11.8 billion maturity value as of June 30, 2004, is primarily an equity investor but also an operator in the interactive, entertainment network, and telecommunications/technology segments. The interactive group includes QVC Inc., the largest player in home shopping; a 20% stake in IAC/InteractiveCorp.; and other equity investments. The entertainment network group includes wholly owned Starz
