Standard & Poor’s cuts New York Times rating

New York Times Co. had its credit rating cut to BBB-plus from A-minus by Standard & Poor’s, which cited challenging business conditions and debt from capital spending projects.

The new rating is S&P;’s third-lowest investment-grade level, and the outlook for the company’s debt is negative, the ratings company said.

New York Times is building a new headquarters in Times Square, consolidating printing operations and reducing the width of its flagship newspaper. It plans to sell nine television stations and a radio station to reduce debt and may write down the value of the Boston Globe.