Thursday, October 23, 2008

Moody's Ranks the Times Just Above Junk Bonds and Gawker Commenter Calls Bullsh*t

Sometimes, comments are better than the post. Check out this comment left on Gawker's post about Moody's report on the New York Times debt. First, the excerpted Moody's quote:

"(New York) Times' third quarter 2008 operating performance was within the lower end of the range Moody's had anticipated, but weaker expectations for the balance of 2008 and in 2009 and the refinancing risk associated with upcoming debt and committed revolver maturities have prompted Moody's to review the company's ratings," analysts John E. Puchalla and Alexandra S. Parker wrote...

Moody's will consider (New York) Times' ability to return free cash flow generation to meaningfully positive levels during 2009 through the culmination of several significant capital projects, a possible reduction in the dividend, and revenue and cost initiatives."

...and then the post:

I love the gray lady, even if she deserves a beat down sometimes.