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Moody's ups Liberty, rates QVC notes Ba2
Moody's Investors Service said it upgraded Liberty Interactive Corp.'s corporate family rating to Ba3 from B1 and upgraded the ratings assigned to various debt instruments issued by Liberty Interactive to B2 from B3.
At the same time Moody's affirmed QVC Inc.'s debt ratings at Ba2 and assigned a Ba2 rating to QVC's proposed 10- and 30-year senior secured notes that will be issued to refinance its existing 2017 notes as well as partially re-finance its 2019 notes.
The speculative grade liquidity rating was affirmed at SGL-1.
Moody's said the upgrade of the various Liberty Interactive unsecured debt ratings reflects the upgrade of the corporate family rating to Ba3 from B1. The B2 rating reflects their structural subordination to a meaningful amount of debt that is issued by QVC, which generates the substantial portion of Liberty Interactive's consolidated earnings.
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