The New York Times: "Near Junk" Status from S & P

Standard & Poor's Rating Services yesterday lowered ratings on corporate bonds issued by The New York Times to BBB, two levels above "junk bond" status.

S & P goes on to say that it expects further revenue declines at The Times and that "the rating outlook is negative," which is a polite way of saying that further ratings declines may be expected in the next wo years. It adds "we expect ongoing operating weakness will preclude a significant improvement to credit measures."

It's official: the Grey Lady's credit rating has fallen almost as far as its news reporting.

Goldman Sachs has posted a "sell" recommendation on the stock, and The Canticle echoes that recommendation for the paper's readers.

Perhaps a Fairness Doctrine would help, or an offer from George Soros.

Related Links: NY Times Shareholders to Mgmt: "Can You Hear Us Now?"
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