Moody's junks the New York Times

A quick $250-million cash infusion from a Mexican billionaire didn't stop Moody's credit rating bureau from downgrading the New York Times Co.'s debt to junk status. From Editor and Publisher:

"In Moody's opinion, earnings pressure and higher cash interest costs will
limit free cash flow generation in each of the next two years notwithstanding a significant reduction in capital spending, and the recent 74% cut in the dividend."

In other words, there's really nothing the New York Times can do in the short run to repair its rating. Just relax and let the tide carry you out to sea.