~~ Blatant WaPo pimping .... PING!
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S&P Cuts Washington Post Ratings On Publishing Worries - 6-26-09
http://online.wsj.com/article/BT-CO-20090626-715020.html
Excerpt:
Standard & Poor’s Ratings Services lowered its ratings on Washington Post Co. (WPO) a notch, reflecting the ratings firm’s expectation that losses in newspapers and magazines will hamper results in 2009.
The publisher swung to a first-quarter loss as charges and the advertising slump’s effect on its core newspaper and magazine operations weighed on results. The company’s Kaplan education business, which insulates it from the travails of the media industry, also struggled, suffering a 76% profit drop.
S&P lowered the company’s corporate credit and senior unsecured issue-level ratings to A and removed the ratings from watch for downgrade, but it did issue a negative rating outlook.
The ratings firm had put Washington Post’s ratings on watch for downgrade at the beginning of May.
“We believe total Ebitda in 2009 at Washington Post is likely to decline by about 30%, which is a significantly higher rate of decline than we previously expected, which contributed to our CreditWatch listing several weeks ago,” credit analyst Emile Courtney said.
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Another bailout candidate ?
Wonder what Helen thinks of this?
Jeez Louise!
Does it get any worse than this? It’s an outrage an hour with this administration and his lapdogs in the media! Rush will be all over this today!
Pathetic!