Stock up but Belo bond rating is downgraded to ‘junk’

Belo stock (BLC) closed up 18.72% today following the announcement the company is splitting off its newspaper division into a separate, publicly-traded company. Shares of BLC closed at $20.61, up $3.25. On the debt side Fitch Ratings has downgraded Belo’s bonds to BB+, its highest level of “junk” status.