New York, August 05, 2016 -- Moody's Investors Service ("Moody's") downgraded Time Inc.'s Corporate Family Rating to B1 and its Probability of Default Rating to B1-PD following the company's announcement of materially lower earnings expectations for FY 2016. The company's senior secured credit facility rating is downgraded to Ba2 from Ba1, and the senior unsecured rating is downgraded to B3 from B1. The Speculative Grade Liquidity Rating is affirmed at SGL-1 given the company's strong liquidity position. The rating outlook is stable. The action reflects Time Inc.'s underperformance relative to expectations as a result of the ongoing decline in advertising revenues which has impacted EBITDA and led to a rise in financial leverage to levels more appropriate for a single B rating given the publishing industry's secular trend.

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