Standard & Poor's Ratings Services on April 25 upgradedNew York Times Co.'scorporate credit rating to BB- from B+.
Concurrently, the rating agency lowered its issue-level ratingon the newspaper publisher's 6.625% senior notes to BB- from BB. The outlook onthe company is stable.
The ratings action "reflects the company's steadyprogress adapting and growing its digital media and online distributionplatforms, its financial deleveraging and our expectation that adjustedleverage will remain in the 3x to 4x range, and the company's prudent balancesheet and cash management," S&P said.
S&P Ratings andS&P Global Market Intelligence are owned by McGraw Hill Financial Inc.