• by David Goetzl  @dgoetzl, February 27, 2009

While Standard & Poor's expressed some concerns about News Corp.'s direction and management structure, because of the coming departure of COO Peter Chernin, the ratings agency still said it is not reducing the company's "stable" credit rating. It is holding News Corp.'s rating, in part, because of the company's cash balances.

In a document released Friday, S&P wrote that Chernin's June 30 exit "has no immediate impact on the 'BBB+' rating or stable rating outlook for the company."

Nonetheless, it showed some unease.

"We view Mr. Chernin's departure as inopportune at a time when the company is facing meaningful economic pressure across nearly all its segments, as well as secular issues at its newspaper segment and, to a lesser extent, its television business," the ratings agency said.

There are concerns on Wall Street about what effect the well-respected Chernin's departure will have on News Corp.'s near-term prospects, and ultimately, on who will replace CEO Rupert Murdoch--although that is widely expected to be his son James. Press reports have speculated that if Chernin had signed a new contract, he may have taken over the CEO duties after Murdoch leaves--until James, who heads the Europe and Asia businesses, was ready.

S&P wrote that "Mr. Chernin's departure highlights succession risks at the company, as well as future financial policy. We had previously viewed Mr. Chernin's expertise and long track record with the company as partially mitigating succession risk."

News Corp.'s share price has actually risen slightly since Chernin's departure was announced Monday.