S&P Puts Belo Corp.'s Debt Ratings On CreditWatch

Posted Wednesday, September 27, 2006 12:00 am

By: E&P Staff Standard & Poor's Ratings Services (S&P) said Wednesday it placed Belo Corp.'s corporate credit and senior unsecured debt on CreditWatch with negative implications.

The CreditWatch listing, S&P said in a statement, "reflects Belo's continued soft newspaper results at a time when the company's financial profile is weak for the ratings."

S&P rates Belo's corporate credit and senior unsecured debt at "BBB." The company had $1.3 billion of debt outstanding at June 2006, the ratings agency said.

Debt levels rose in the six months ended June 2006 because of stock repurchases, the agency noted.

It said it would review its ratings after Belo releases its 2006 third-quarter results.

"If Standard & Poor's lowers the company's ratings, it is expected to be limited to one notch," the agency said.

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S&P Puts Belo Corp.'s Debt Ratings On CreditWatch

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