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March 3, 2008
New York Times Credit Rating Approaching Junk Status
Posted by Dave Blount at March 3, 2008 1:34 PM
It looks like sacrificing even the semblance of professionalism for the sake of moonbat ideology hasn't been a winning strategy for the New York Times:
The New York Times Co.'s continued struggles with declining advertising revenue prompted Standard & Poor's to caution Friday that it is inching closer to cutting the company's debt ratings.
S&P said it placed all of the Times' ratings, including its key long-term corporate credit rating, on CreditWatch with negative implications. In plain English, that means the rating agency is leaning heavily toward a downgrade unless current financial trends at the company improve.
S&P currently assigns the Times a long-term corporate credit rating of BBB. A one-notch downgrade would bring the rating down to BBB-. But in a research note Friday, S&P credit analyst Emile Courtney warned that a possible downgrade "may not be limited to one notch."
That would drop the Times' long-term rating to BB+ or worse, which would leave it at sub-investment grade, or junk.
Junk status would bring the Times' credit rating in line with its journalistic standards under Publisher Pinch Sulzberger, the left-wing weenie who has been steering the formerly respected paper toward bankruptcy in the name of moonbattery.
You can see why moonbats want everything socialized. The free market is not kind to fools.
Captain Pinch charts a course for catastrophe.
On a tip from Wiggins.
