From “B” to “B-“ because of concerns about meeting its debt-to-earnings ratios. When the old A.H. Belo split, all the acquisition debt from the purchase of the Providence Journal and its Northwest TV stations went to the broadcasting side, giving the newspaper company some breathing room. With the advertising slump, now the broadcaster itself is gasping for air. While it has done a good job managing the debt, there was still $1.14 billion on the books at the end of the 3rd quarter.
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