The New York Times has reported a steep drop in third-quarter profits, causing ratings agency, Standard and Poors, to drop the newspapers’ credit rating.

The New York Times said net profit fell by 51.4 percent in the third quarter to 6.5 million dollars from 13.4 million dollars in the same period a year ago.

Overall advertising revenue dropped for the Times and its offshoots, The Boston Globe, International Herald Tribune and 16 other daily newspapers.

With overall advertising revenue falling by 14.4 percent during the quarter, Standard & Poors said it was lowering the Times's credit rating to 'BB-,' or junk status.

It is known the decline in print advertising revenues accelerated as the economy slowed.