S&P: Washington Post view to stable

Standard & Poor's said it affirmed the BBB long-term corporate credit rating on Washington Post Co.

The outlook was revised to stable from negative.

In addition, the agency raised its short-term and commercial paper rating on the company to A-2 from A-.

As of June 30, total debt outstanding was $450 million, while cash balances were $387 million and investments in marketable equity securities were $495 million.

S&P said the outlook revision reflects its view that the company's operating performance will become more stable after the sale of the underperforming newspaper business, which it expects to close in October.

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