Moody's Investors Service downgraded ratings for Liberty Media Corp. subsidiary Liberty Media LLC on Friday. The changes come shortly after shareholders approved the formation of a new company out of DirecTV Group Inc. and some of Liberty's entertainment businesses.
Moody's lowered Liberty's corporate family rating to "B1" from "Ba2" and its probability of default rating to "Ba3" from "Ba2." It also lowered its senior unsecured bonds to "B1 from "Ba2."
The moves mark the end of a review for potential downgrade that the ratings service began in September when the spinoff was announced.
Also Friday, Moody's upgraded Liberty's speculative-grade liquidity rating to "SGL-1" from "SGL-2."
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Moody's ratings outlook for Liberty is "stable."