Fitch rates QVC notes BBB-

Fitch Ratings said it assigned a BBB- rating to QVC, Inc.'s senior secured note offering due 2017 and 2020. Fitch also said it currently rates QVC with an issuer default rating of BB and senior secured ratings of BBB- and parent Liberty Media LLC with an issuer default rating of BB- and senior unsecured debt of BB-.

The outlook is negative.

Proceeds will be used to reduce borrowings under the company's bank facility, targeting the 2010 and 2014 amortization payments, the agency said.

The ratings reflect it's the company's business profile and credit metrics that would likely warrant an issuer default rating greater than BB on a stand-alone basis. But, it also takes into account the reliance on QVC to service a large portion of the debt at Liberty Media, Moody's said.

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