Research Update: Liberty Media Corp. 'BB- Ratings Remain On Watch Developing After Announcement Of Intent To Acquire Barnes & Noble May 11

Standard & Poors, May 2011

Abstract
Liberty Media has proposed acquiring a 70% interest in Barnes & Noble (B&N) for cash consideration of about $1 billion. We are keeping our 'BB-' ratings, including the corporate credit rating, on Liberty Media on CreditWatch with developing implications. The B&N acquisition will be an area of evaluation in completing our CreditWatch review of Liberty Media, along with monitoring the outcome of the company's plan to separate certain tracking stock groups. On May 23, 2011, Standard & Poor's Ratings Services kept its 'BB-' ratings, including the corporate credit rating, on Englewood, Colo.-based Liberty Media Corp., on CreditWatch, where they were placed with developing implications on June 25, 2010. The rating action followed Liberty Media's proposal to acquire a 70% interest...

Companies mentioned in this report are: Liberty Media Corp.,Barnes & Noble Inc.
Action: CreditWatch Update

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Liberty Media Corp.,Barnes & Noble Inc.

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