Research Update: New York Times Rating Lowered To 'B+' And Placed On CreditWatch Negative - S&P Credit Research

Research Update: New York Times Rating Lowered To 'B+' And Placed On CreditWatch Negative

786 words — Published Apr 22, 2009
Price $175.00  |  Buy this Report Now

About This Report

  
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

  
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....

  
Report Type:

Research Update

Ticker
Issuer
GICS
Publishing (25401040)
Sector
Global Issuers
Country
Region
Format:
HTML HTML
Buy Now

S&P Credit Research—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.

About the Author


Cite this Report

  
MLA:
S&P Credit Research. "Research Update: New York Times Rating Lowered To 'B+' And Placed On CreditWatch Negative" Apr 22, 2009. Alacra Store. Oct 25, 2014. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-New-York-Times-Rating-Lowered-To-B-And-Placed-On-CreditWatch-Negative-717077>
  
APA:
S&P Credit Research. (). Research Update: New York Times Rating Lowered To 'B+' And Placed On CreditWatch Negative Apr 22, 2009. New York, NY: Alacra Store. Retrieved Oct 25, 2014 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-New-York-Times-Rating-Lowered-To-B-And-Placed-On-CreditWatch-Negative-717077>
  
$175.00
$  £  
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.