The propagation of coherent longitudinal waves in a viscous liquid containing a random distribution of spherical elastic particles is analysed using a model based on multiple scattering theory. This model, initially developed to describe the propagation of coupled longitudinal and transverse elastic waves in isotropic solid materials, takes into account wave conversions at the particle surface as well as positional correlations between particles via the pair correlation function. By modelling a Newtonian viscous liquid through complex frequency-dependent elastic moduli (i.e. using an imaginary shear modulus), the model is adapted to the case of viscous fluids and we show that conversions of longitudinal waves into transverse waves are important to take into account. We present asymptotic results from the model for case of long wavelength for the longitudinal waves, without assumptions on the shear wavelength. For high concentrations, these wave conversions are reinforced by the contribution of position correlations between the particles. In a subsequent paper, we present numerical validation of the asymptotic approximations and compare them with experimental results for solid particles in water.