S&P cuts New York Times credit rating to junk

[Doctor Cynic]

Source: AP

NEW YORK—Standard & Poor's Ratings Services on Thursday lowered The New York Times Co.'s corporate credit rating to junk bond status, citing weak prospects for advertising revenues.

The agency said it cut the company's rating from "BBB-" -- its lowest investment grade -- to "BB-."

S&P said 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.

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

Read more: http://www.boston.com/business/articles/2008/10/23/sp_cuts_new_york_times_credit_rating_to_junk/

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So now their credit quality is as good as their reporting quality...

[demnan]

1. Pissed because they endorsed Obama today?

n/t

[Gillian]

3. We pay 80 pesos a day for that reporting quality. What´s your IQ.

We have friends who speak before they read, so nothing personal. People here fight for the old issues. Our autobus driver brings it to us so he gets first dibs.

[JimDandy]

5. I can't figure out what your post means and I have a decent IQ.

:shrug:

[Nambe]

11. The poster rates NYT reporting quality at the lowest possible rating.

I find that offensive to the standards of journalism held at the NYT. I am not saying it is the best or even my favorite, but it is accessible and high quality with sufficient information on most levels.

Gillian and I are offended by the posters low assessment of ¨reporting quality¨. Gillian and Joe Biden are apparently into quick, dry wit.

Speaking of IQs, I think I am wearing out my spell checker.

[JimDandy]

12. Got it. Thanks. n/t

[muriel_volestrangler]

13. If that'sGillian's message, then it'd help if they replied to the correct post

because demnan said nothing about 'reporting quality'. Demnan just mentioned the NYT endorsement of Obama. But you seem eager to jump in and attack them again.

So where do the IQs that both Gillian and you mention come into it?

[JimDandy]

4. You beat me to it.

Why doesn't the S&P have to PROVE their allegation (ad revenues ARE declining) instead of basing it on a "likely decline." This allows too much leeway for artificial manipulation.

Hey Obama, regulation on bond ratings also seems to be need.

[clear eye]

8. Good point. n/t

[Nambe]

2. The NYT is world class journalism. I am sure they will be fine.

[clear eye]

6. Follows their content

A couple of weeks ago they published an item making a big deal of the Obama/Ayers connection, until, of course, the last paragraph on a continued page where they admitted that it was inconsequential. A few months ago they published a story saying that all the new registrants were causing trouble for the system in Louisiana and elsewhere and being dropped because the registration forms were improperly filled out (esp. in Republican parishes), rather than writing up the info as a story saying that certain states weren't hiring adequate BOE workers given the situation and that Republican weren't following procedure to verify data on the forms and were instead just throwing them out. This was back when something could have been done about it.

I cancelled my subscription and get my morning news from the Reuters website. http://www.reuters.com/news
There are categories to click on in the lefthand column that bring up more stories than are on their front page, and when you go to the individual sections, like "international", there are around ten clickable stories and an link to "more news". It is more complete than any paper I know of, and seems to have a minimum of spin in their news stories.

[specimenfred1984]

7. Who needs Nobel Prize winning economists when Dancing with the Stars is on!

That football player sure is light on his feet, Weeeeeeeeeeeeeeeeeee!

[closeupready]

9. They've upgraded the multimedia features on their website, which I think are really snazzy.

But maybe that's just me. I mean, I realize that's low-information stuff, but I don't care.

[MannyGoldstein]

10. Buffet Should Bail Out The Times

FWIW, I believe that preserving the the Times is the single most important thing we can do to safeguard our country - other than voting for Obama, possibly. Buffet could do nothing better with is billions.