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News Breaks | | | | August 28, 2012 | | 16:22 EDT |  | WPO | Washington Post "BBB+" rating placed on Watch Negative by S&P
Standard & Poor's Ratings Services placed its 'BBB+' long-term corporate credit and senior unsecured ratings on Washington Post Co. on CreditWatch with negative implications. "The CreditWatch listing reflects our concern that operating performance and discretionary cash flow will remain depressed as a result of more restrictive regulation of for-profit education businesses, as well as our expectation that continued sharp declines in newspaper advertising revenues will outweigh the company's cost-reduction measures. While we do not anticipate significant weakening of the company's modest leverage or "good" liquidity, we will reassess the prospects for the education and newspaper businesses and the level of support these units can provide the rating," said Standard & Poor's. | |
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