Oct. 23 (Bloomberg) -- New York Times Co. had its debt rating reduced three levels to junk status by Standard & Poor's Corp., which said a likely recession in the U.S. will further crimp the newspaper publisher's revenue.

The rating was cut to BB- from BBB-, the lowest investment grade, Standard & Poor's said today in a statement.

To contact the reporter on this story: Rob Golum in Los Angeles at rgolum@bloomberg.net

Last Updated: October 23, 2008 17:04 EDT