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Moody's: 'NYT' Gets Upgraded To Stable

  • Reuters, Thursday, March 11, 2010 11:36 PM
Moody's Investors Service changed its outlook on The New York Times Co (NYT.N) to stable, from negative, saying the newspaper publisher's revenue declines are likely to moderate. A stable outlook indicates the company is less likely to be downgraded from B1, four steps below investment grade, over the coming 12-to-18 months.

Moderating revenue declines and reductions in operating costs will allow The New York Times to stabilize its leverage, a measure of debt relative to earnings before interest, taxes, depreciation and amortization, below six times. The newspaper reported 4Q revs fell 11.5% to $681.2 million, and warned that print advertising revenue will continue to declines.

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