S&P: Liberty Media unaffected

Standard & Poor's said Liberty Media Corp.'s (BB+/negative) share repurchase authorization of up to $1 billion of Liberty Entertainment common stock and up to $300 million of Liberty Capital common stock does not affect its ratings.

The $1.3 billion total authorization replaces a prior $1 billion purchase authorization of Liberty Capital common stock, but does not affect the existing Liberty Interactive repurchase authorization, which has $780 million remaining. The company has not indicated a timeframe for completing the repurchase authorization.

While the buyback would require a significant use of cash, S&P said the rating assumes that Liberty Media would maintain adequate liquidity with its available-for-sale securities and cash on hand.

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