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April 29, 2008
New York Times Stock Now One Notch Above Junk Status
Posted by Dave Blount at April 29, 2008 8:13 PM
Looks like moonbattery doesn't pay:
Credit-ratings agency Standard & Poor's Ratings Services on Tuesday cut its long-term rating on newspaper publisher The New York Times Co., as its advertising revenue continues to fall.
S&P cut its corporate credit rating and senior unsecured debt rating to "BBB-" from "BBB."
"BBB-" is one notch above "junk bond" status. The ratings were removed from CreditWatch, but the outlook is negative, meaning another downgrade could occur.
No wonder liberals think their propaganda should be financed by taxpayers. The free market isn't supporting it.
Executive Editor Bill Keller rearranges deck chairs on the Titanic.
On a tip from mega.
