Abstract: On Dec. 10, 2008, Standard&Poor's Rating Services revised its outlook on Sylvania, Ohio-based media and cable TV operator Block Communications Inc. to negative from stable. We also affirmed all ratings, including the 'BB-' corporate credit rating, on Block. Total debt, adjusted for operating leases and unfunded pensions and other post-employment benefits (OPEBs) as of Sept. 30, 2008, was approximately $346 million. The change in outlook reflects the deteriorating position of the company's newspaper business. While overall financial performance is still supported by its healthy core cable TV business, the cable segment contribution may not be sufficient to offset the newspaper business' continued secular decline, hurting the company's overall credit profile. Year-over-year segment revenue declines worsened, to nearly 11%

Brief Excerpt: RESEARCH Ratings Definitions Research Update: Block Communications Inc. Outlook Revised To Negative On Weaker Newspaper Business Publication date: 10-Dec-2008 Primary Credit Analyst: Naveen Sarma, New York (1) 212-438-7833; naveen_sarma@standardandpoors...

Report Type: Research Update
Ticker: 85163Z
Issuer: Block Communications Inc.
GICS: Publishing (25401040)
Sector: Corporations, Global Issuers, Telecommunications & Cable
Country: United States
Region: United States
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