Standard & Poor's Ratings Services lowered its credit ratings on New York Times Co. (NYT) deeper into junk territory, citing concerns about a steeper decline in total advertising revenue in 2009 than previously estimated.
The ratings downgrade came a day after the publisher posted a steep first-quarter loss on worse-than-expected ad results, dimming the prospects for recovery from a slump pushing many newspapers to the brink.
The ratings agency lowered its corporate credit rating on the company as well as its issue-level rating on its senior unsecured debt one notch to B+, or four levels below investment-grade status, and placed the ratings on watch for further downgrade.
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