S&P puts Washington Post on watch

Standard & Poor's said it placed Washington Post Co.'s A+ long-term corporate credit and senior unsecured ratings and A-1 short-term commercial paper rating on CreditWatch with negative implications.

The CreditWatch listing reflects the agency's concern that worsening revenue trends and greater-than-anticipated negative EBITDA trends will continue over the intermediate term in the company's newspaper and magazine businesses due to economic and secular pressures.

S&P said its view of credit quality for Washington Post relies on the company's leading and diverse business positions, ample levels of excess liquidity and healthy cash flow generation. The agency does not anticipate any impairment in the company's liquidity position and expects the company to continue to generate healthy levels of cash flow, but it also believes it needs to assess its view of the company's business diversity and the level of support this has historically afforded the rating.

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