S&P cuts Washington Post

Standard & Poor's said it lowered its long-term corporate credit and senior unsecured issue-level ratings on the Washington Post Co. to BBB+ from A-. The outlook is stable. The A-2 short-term rating was affirmed.

"The downgrade reflects our concern that declining revenues and EBITDA will continue at least through 2012 in the company's Kaplan higher education business, which currently accounts for roughly 35% of consolidated EBITDA," said S&P credit analyst Hal Diamond in a news release.

According to S&P, the company is experiencing sharply negative year-over-year trends in new student enrollment and profitability, as a result of recent U.S. Department of Education reregulation.

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