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NYT Co. Credit Rating Sinks
It's been a bad week for the New York Times Co. ââ¬â one day after announcing that it would cut 500 jobs over the coming months, the company learned that Standard & Poor's Rating Service has put its long-term debt on "credit watch with negative implications.""The Credit Watch listing reflects New York Times' lower earnings guidance due to a softer than expected advertising revenue climate," said S&P credit analyst Donald Wong. The company had about $1.3 billion in total debt at the end of June, the New York Post reports. The job cuts came on top of 200 layoffs earlier this year at the company, which publishes several other newspapers ââ¬â including the Boston Globe ââ¬â in addition to the Times. The flagship Old Gray Lady will see 45 jobs axed in the new round of cuts. The companyââ¬â¢s credit ratings are unchanged at the moment, but S&P said it will review its long-term ratings after an evaluation of the firmââ¬â¢s operating and financial strategies. (Newspapers of the NYT Co.): NYT; Boston Globe; Worcester Telegram & Gazette; Sarasota Herald-Tribune; The Press Democrat, Santa Rosa, CA; The Ledger, Lakeland, FL; Star-News, Wilmington, NC; Herald-Journal, Spartanburg, SC; Star-Banner, Ocala, FL; The Gainesville Sun, Gainesville, FL; The Tuscaloosa News, Tuscaloosa, AL; TimesDaily, Florence, AL; The Gadsden Times, Gadsden, AL; Times-News, Hendersonville, NC; The Courier, Houma, LA; The Dispatch, Lexington, NC; Daily Comet, Thibodaux, LA; Petaluma Argus-Courier, Petaluma, CA. Posted by: Anonymoose 2005-09-24 |
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