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Is it just me, or does wp_list_bookmarks produce, by default, invalid markup?

This is my code

<div id="featured-sidebar">
<?php
  /* Widgetized sidebar, if you have the plugin installed. */
	 if ( !function_exists('dynamic_sidebar') || !dynamic_sidebar('Featured Page Textwidgets') ) :
   endif;

  $categories = '6';
  $link_list_name = 'Fashion Weeks';

  wp_list_bookmarks('categorize=0&title_li='.$link_list_name.'&category='.$categories.'&class=');
?>
</div>

And this produced the following output

<DIV id="featured-sidebar">
  <LI class="" id="linkcat-6">
  <H2>Fashion Weeks</H2>
    <UL>
      <LI>
        <A href="http://www.copenhagenfashionweek.com/">Copenhagen Fashionweek</A>
      </LI>
      <LI>
        <A href="http://www.cphvision.dk/" target="_blank">CPH Vision</A>
      </LI>
    </UL>
  </LI>
</DIV>

The original source is actually lower case XHTML, it's just the IE Doom Eplxorer that puts it in upper case for some reason...

Anyway. The invalid markup is the