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S&P Credit Research727 word report
published Jan 20, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Jan. 20, 2009--Standard&Poor's Ratings Services said today that its rating and outlook on The New York Times Co. (BB-/Negative/--) are not affected by the company's announcement of a private financing agreement with Banco Inbursa and Inmobiliaria Carso for an aggregate amount of $250 million ($125 million each) in senior unsecured notes due 2015 with detachable warrants. The senior unsecured notes have a coupon of 14.053%, of which the company may elect to pay 3% in kind, and will rank equally and ratably on a senior unsecured basis with all senior unsecured obligations of the company. Carlos Slim Helu and members of his family own Inmobiliaria Carso (which currently holds 6.9% of the company's
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: New York Times Co. Rating Unaffected By Carlos Slim Investment Publication date: 20-Jan-2009 Primary Credit Analyst: Emile Courtney, CFA, New York (1) 212-438-7824; emile_courtney@standardandpoors.com...
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| Report Type: | Bulletin
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| Ticker: | NYT
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| Issuer: | New York Times Co. (The)
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| GICS: | Publishing (25401040)
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| Sector: | Corporations, Global Issuers, Media & Entertainment
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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- Summary: New York Times Co. (The) $175.00
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- New York Times Rating Cut To 'B'; Outlook Stable $100.00
-- We believe that ad revenue and EBITDA declines at The New York Times will lead to a spike in leverage by 2010. -- We lowered our rating on the company to 'B' from 'B+'. -- The stable rating outlook reflects our expectation for the company ...
- Research Update: New York Times Rating Lowered To 'B'; Outlook Stable $175.00
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- New York Times Rating Cut To 'B+' And Placed On CreditWatch Negative $100.00
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- Research Update: New York Times Rating Lowered To 'B+' And Placed On CreditWatch Negative $175.00
On April 22, 2009, Standard&Poor's Ratings Services lowered its corporate credit rating for The New York Times Co., as well as its issue-level rating on the company's senior unsecured debt, to 'B+' from 'BB-', and placed them on CreditWatch ...
- New York Times Co. (The) $400.00
Solid brand and good relative market position Online and circulation revenues are larger than, and have growth profiles that compare favorably to, peers A long U.S. recession will continue to meaningfully and negatively affect ad revenue, exacerbating ...
- Summary: New York Times Co. (The) $175.00
The rating on New York City-based The New York Times Co. reflects our expectation that a long U.S. economic recession will continue to meaningfully exacerbate secular rates of ad revenue decline over at least the next year. This would prolong ...
