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S&P Credit Research786 word report
published Apr 22, 2009
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S&P Credit Research
| Abstract: | 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 with negative implications. The ratings downgrade reflects our current expectation that, in 2009, total ad revenue is likely to decline more than in the mid-teens percentage area, EBITDA is likely to decline more than 30%, and EBITDA coverage of cash interest is likely to fall below 3x. The previous 'BB-' rating incorporated expectations for declines that would not exceed these parameters. The CreditWatch listing reflects the long U.S. recession, which continues to meaningfully exacerbate secular rates of ad revenue
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: New York Times Rating Lowered To 'B+' And Placed On CreditWatch Negative Publication date: 22-Apr-2009 Primary Credit Analyst: Emile Courtney, CFA, New York (1) 212-438-7824; emile_courtney@standardandpoors....
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| Report Type: | Research Update
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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.
Also from S&P Credit Research
- Summary: New York Times Co. (The) $175.00
The rating on The New York Times Co. reflects negative secular pressure on the U.S. newspaper industry and our view that the company's newspaper ad revenue will likely decline well into 2010 at a double-digit percentage rate. As a result, we ...
- New York Times Co. (The) $400.00
Liquidity is good for the 'B' rating Solid brand and good relative market position The long U.S. recession has continued to meaningfully and negatively affect ad revenue, exacerbating the ongoing secular decline Sizable pension-adjusted debt ...
- 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
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 to maintain ...
- New York Times Rating Cut To 'B+' And Placed On CreditWatch Negative $100.00
NEW YORK (Standard&Poor's) April 22, 2009--Standard&Poor's Ratings Services today 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-', ...
- Bulletin: New York Times Co. Rating Unaffected By Carlos Slim Investment $100.00
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 ...
- 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 ...
