NEW YORK - Moody's and S&P affirmed The Washington Post's long-term debt ratings to A1 and A+. These ratings "reflect the diversified nature of our businesses, with education and cable now our largest profit centres," said Chairman of the Board & CEO Donald E. Graham, at the 36th UBS Annual Global Media and Communications Conference Monday.

During the nine-months ending September 28, 2008, the Washington Post Company's education business, Kaplan, made up US$1,722 million, or 53 percent of overall operating revenues. Newspaper publishing and cable television contributed $600 million and $535 million, respectively, while television broadcasting generated $239 million.

Cable One, the group's cable television business, saw its nine month revenues rise 16 percent, from $461.1 million to $535 million year-over-year. Operating income was up 29 percent, from $89.9 million to $116 million.

Post Newsweek Station, INC., its television broadcasting unit, saw both revenues and operating income decline. They dropped three percent and 14 percent, respectively, to $238.5 million and $86.4 million.

"The results of The Post and Newsweek are similar in that I find myself completely satisfied with management and completely dissatisfied with results," said Graham at the 36th UBS Annual Global Media and Communications Conference. "Both The Post and Newsweek will lose money in 2008. An extremely difficult climate for advertising will challenge us to demonstrate any improvement at all in 2009, although we will be trying to do that." However, he did not mention the exact figures for the publishing business.

In 2009, The Washington Post plans to close down two printing plants, and it also reduced headcount and payroll in 2008. "These costs have added to our losses."

For the outlook for next year 2009, Graham said the recession will certainly impact profits at the television stations and Cable One, which "certainly won't have the kind of rapid growth year we've seen this year." Kaplan should be able to keep growing, while "The Post and Newsweek will be run to try to get out of the position of losing money as fast as possible," according to Graham.