Getting your player ready...
Standard & Poor’s Ratings Services downgraded its ratings on Liberty Media Corp. and its QVC business deeper into junk territory after Liberty Media split off some assets into a reorganized DirecTV Group Inc.
“The ratings downgrade reflects a significant loss of asset value,” said credit analyst Andy Liu.
Liberty, a conglomerate controlled by John Malone, has been taking steps to put its financial house in order after last year’s market meltdown. The company’s assets are being broken up into three categories, each with its own tracking stock.
Liberty Media and QVC were downgraded two notches to BB-, three steps below investment grade. The rating outlook is stable.
