Research Update: Washington Post Co. Rating Lowered To 'A'; 'A-1' CP Rating Affirmed; Outlook Negative

1783 word report published Jun 26, 2009

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Abstract:

We believe that long-term secular pressures in Washington Post Co.'s newspaper, magazine, and, to some extent, broadcasting businesses, reduce the support that its business diversity has historically afforded its credit quality, although we expect the company's liquidity position to remain strong. We lowered our long-term rating on the company to 'A' from 'A+' and affirmed its 'A-1' commercial paper rating. The negative rating outlook reflects a high level of revenue variability and significant execution risks for the company in restructuring its newspaper and magazine publishing businesses. On June 26, 2009, Standard&Poor's Ratings Services lowered its corporate credit and senior unsecured issue-level ratings on Washington Post Co. to 'A' from 'A+'. We also affirmed our 'A-1' commercial paper (CP)

Brief Excerpt:

RESEARCH Ratings Definitions Research Update: Washington Post Co. Rating Lowered To 'A'; 'A-1' CP Rating Affirmed; Outlook Negative Publication date: 26-Jun-2009 Primary Credit Analyst: Emile Courtney, CFA, New York (1) 212-438-7824;...

Report Type:

Research Update

Ticker:

WPO

Issuer:

Washington Post Co.

Sector:

Global Issuers

Country:

United States

Region:

United States

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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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