The S&P has lowered its rating of New York Times stock to “BBB-” — one level above “junk bond”.

Credit-ratings agency Standard & Poor’s Ratings Services on Tuesday cut its long-term rating on newspaper publisher The New York Times Co., as its advertising revenue continues to fall.

S&P cut its corporate credit rating and senior unsecured debt rating to “BBB-” from “BBB.”

“BBB-” is one notch above “junk bond” status. The ratings were removed from CreditWatch, but the outlook is negative, meaning another downgrade could occur.

Shares fell 35 cents to $19.96. Ouch.