S&P: NYT Rating is "Junk"

The Standard & Poor’s Rating Services has downgraded the New York Times corporate credit rating to junk status.

S&P says it downgraded the rating because it believes that a "likely" economic recession in the United States would worsen ad revenues for at least a year.

S&P says a recession would prolong, possibly until 2010, the time it would take for ad revenues to reach "more manageable rates of decline."

Also on Thursday, the company reported a 51.4% decline in third-quarter profit.

I’d like to think that this is a just reward for skewed, poorly edited "news" reporting, but it’s just a sign of the times.

Posted October 24th, 2008 Filed in Europe