S&P lowers Washington Post

Standard & Poor's said it lowered its corporate credit and senior unsecured issue-level ratings on Washington Post Co. to A from A+ and affirmed its A-1 commercial paper rating.

The ratings were removed from CreditWatch, where they were placed with negative implications on May 1, and the outlook is negative.

The agency said the downgrade reflects its expectation that EBITDA losses in the newspaper and magazine businesses will significantly reduce the company's total EBITDA generation in 2009, partially offsetting positive EBITDA contributions from its education and cable businesses.

S&P also expects a meaningful decline in 2009 EBITDA in the TV broadcasting business as a result of the recession and secular pressure in local TV ad spending.

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