Moody’s Lifts Newspaper Industry Credit Rating
Credit rating agency Moody’s announced today that it had shifted its outlook on the newspaper industry from negative to stable, citing dampening ad-revenue declines.
Moody’s cautioned, though, that investors should not expect bumps in newspapers’ credit ratings anytime soon, as many papers need to refinance and market sentiment around the news business tends to whipsaw. The company also forecast print-ad revenue would decline 5% to 10% in 2010 and be about flat in 2011.
The improved outlook from Moody’s comes on the heels of this morning’s better-than-expected earnings report from USA Today publisher Gannett.
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