On Oct. 16, 2007, Standard&Poor's Ratings Services placed its 'A' long-term corporate credit rating on the E. W. Scripps Co. (Scripps) on CreditWatch with negative implications. All other ratings, including the 'A' rating on the company's senior unsecured debt and the 'A-1' CP rating, are affirmed. The Cincinnati, Ohio-based company had consolidated debt outstanding of about $624 million as of June 30, 2007. The CreditWatch listing follows the company's announcement that it plans to separate Scripps into two public traded companies. The remaining E.W. Scripps entity will consist of the newspaper, broadcast TV, and licensing segments, while the cable network and interactive media segments will be spun off into a new company to be named Scripps Networks Interactive.
