Moody's Downgrades NY Times Co.

Posted Thursday, May 25, 2006 12:00 am

By: E&P Staff Moody?s Investors Service cut its debt rating on The New York Times Co., Reuters reported today.

Moody?s lowered its rating on the New York Times? senior unsecured long-term debt by two notches to ?Baa1? from ?A2? -- the third lowest investment grade rating -- and knocked down the company?s commercial paper ratings to ?Prime-2? from ?Prime 1.?

Moody?s downgraded the New York Times on concerns that the company?s cash flow has slowed due to share repurchases, the acquisition of About.com, and its new headquarters slated to be finished in mid-2007.

Reuters said that Moody?s stamped the company with a ?stable outlook.?

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Moody's Downgrades NY Times Co.

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