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Standard & Poor’s lowers N.Y. Times Co. long-term ratings

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New York—Standard & Poor’s Rating Services on Tuesday lowered its long-term corporate credit and senior unsecured debt ratings on the New York Times Co. one notch to “A,” its sixth-highest rank, from “A-plus.” S&P cited the Times’ continued borrowing to pay for its $410 million acquisition of Web site About.com in March, as well as costs associated with the construction of new headquarters for The New York Times. At the same time, S&P affirmed its “A-1” short-term corporate credit and commercial ratings on the company. The outlook is negative. As of September, Times Co. had about $1.3 billion of debt outstanding.
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