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NEW YORK - Fitch Ratings said it lowered Belo Corp.'s issuer default rating and debt ratings due to the likelihood that local ad-sales softness will continue next year.
Monday, the ratings agency downgraded the television-station owner's issuer-default rating, senior unsecured debt and bank facility one notch in junk status to "BB" from "BB+."
Dallas-based Belo's outlook is negative.
Softening ad sales have squeezed the entire media sector.
Belo said Monday it expects fourth-quarter revenue will slip due to continuing advertising-sales weakness.
The company also reported its third-quarter profit dropped 23 percent compared with a year-ago period that benefited from income from newspaper assets prior to their spinoff.
Belo Corp. separated from A.H. Belo Corp., which concentrates on newspapers, in February.
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