Posted on 07/21/2006 10:13:15 AM PDT by abb
Standard & Poor's Downgrades New York Times Co. to "A-" From "A" on Challenging Environment
NEW YORK (AP) -- Standard & Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on New York Times Co. to "A-" from "A," citing continuous challenges in the newspaper sales environment and additional spending related to New York-area printing facility consolidation plans.
The agency also lowered the company's short-term corporate credit and commercial paper ratings to "A-2" from "A-1."
"New York Times' financial profile is weak for the ratings, and improvement is not expected until the company finishes construction of its headquarters in the second quarter of 2007, and the plant consolidation project in the second quarter of 2008," Standard & Poor's said in a statement.
New York Times, which in addition to its flagship paper also operates the Boston Globe, International Herald Tribune and 15 other daily newspapers, said Tuesday it plans to sublease its facility in Edison, N.J., and consolidate New York-area production at its newer plant in College Point, Queens.
The agency said it may lower New York Times' ratings again in the future depending on what type of progress is made in reducing its debt to EBITDA measure, following completion of the headquarters and plant consolidation.
Shares of New York Times dropped 11 cents to $22.01 in midday trading on the New York Stock Exchange.
Ping
I don't suppose it has to do with any reduction in readership and/or loss of corporate advertisers, that is the direct result of their anti-American writings?
Great news, increased interest costs go directly to the bottom line.
here's the lede. "NY Times builds posh skyscraper office for Pinch while shuttering presses and firing blue collar types."
Imagine if they released their real circulation numbers?
The only industry that on a daily basis insults and lies to its customer base.
The AP or Yahoo writer is implying that the only problem with the NYT is the cost of putting up the new NYT building and production facility. It's a lot more than that!
Why don't they just print the truth? It's cheaper!
Na na na na,
Na na na na,
Hey hey hey,
goodbye
Snicker now -- but you just watch what happens after the Slimes cuts an inch and a half off their paper size. That'll turn things around in an instant. Yesireee.
Howie Raines poetically euphemizes journalism'sTM liberal lies and 'tudes as lyrical storytelling doncha know?
They're genetically engineered to divine counterintuitive troofs.
I don't know if the media is the only industry that insults and lies to their customers on a daily basis.
I would be sorely tempted to add lawyers and insurance company executives to the list -- among many others.
When will the Times qualify for food stamps.
So, Pinch is cutting off an inch-and-a-half?
Not likely. Pinch doesn't even have an inch.
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