By: E&P Staff
Saying it expected The New York Times Co.’s financial situation to remain “weak” for the next two years, Standard & Poor’s Rating Services (S&P) Tuesday cut its ratings for the company’s long-term corporate and senior unsecured debt.
S&P downgraded the Times Co. long-term corporate and unsecured debt to “BBB+” from “A-.”
“While New York Times will benefit from the planned debt reduction with proceeds from the sale of its broadcast media group, the company’s financial profile is expected to remain weak for the new ratings while it completes two major capital projects in 2007 and 2008,” S&P said.
The Times Co. had approximately $1.5 billion in debt outstanding at the end of September, according to S&P.
At 11:19 a.m. EST, the Times Co. (NYSE: NYT) was trading at $23.85, down 4 cents, or 0.17%. In the past 52 weeks, the company’s share price has ranged between $21.54 and $28.98.