Report title: U.S. Newspaper Industry
from Moody's Global Credit Research
14 page (5724 word) report published May 28, 2009

Price $550.00 available for immediate download
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About Moody's Global Credit Research

...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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