U.S. Newspaper Industry - Moody's Global Credit Research

U.S. Newspaper Industry

U.S. Newspaper Industry - Moody's Global Credit Research
U.S. Newspaper Industry
Published May 28, 2009
14 pages (5724 words) — Published May 28, 2009
Price US$ 750.00  |  Buy this Report Now

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Brief Excerpt:

...Moody's outlook for the U.S. newspaper industry is negative. This outlook expresses our expectations for the fundamental credit conditions in the industry over the next 12 to 18 months. Expected declines in revenue as readers and advertisers migrate to the Internet and other media, combined with the deep cyclical advertising slump, are the main reasons for our negative outlook. We estimate that newspaper advertising revenue will decline upwards of 25% in 2009, with another 10% drop likely in 2010, as an expected economic recovery takes hold only slowly. Ad-revenue declines, liquidity pressures including covenant and maturity issues, as well as restructuring risk will be the primary drivers of newspaper- company ratings over the next 12 to 18 months; all the newspaper companies we rate are speculative-grade, and default risk remains high for the industry. The industry is bound to go through a radical realignment of costs and, with capital-market access severely weakened, there likely will...

Report Type:

Industry Outlook

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Moody's Global Credit Research—Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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Moody's Global Credit Research. "U.S. Newspaper Industry" May 28, 2009. Alacra Store. Mar 19, 2018. <http://www.alacrastore.com/moodys-credit-research/U-S-Newspaper-Industry-PBC_117595>
Moody's Global Credit Research. (). U.S. Newspaper Industry May 28, 2009. New York, NY: Alacra Store. Retrieved Mar 19, 2018 from <http://www.alacrastore.com/moodys-credit-research/U-S-Newspaper-Industry-PBC_117595>
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