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Bad credit where bad credit is due

Now here's the sort of distinction that no company wants. Buried in this piece from the Kansas City Star is the following piece of troubling news: Only "two U.S. companies are rated 'CCC' or lower on CreditWatch with negative implications: Penton Media Inc. and Booth Creek Ski Holdings Inc."
Imagine that! Of the thousands and thousands of companies in this country, only two are viewed with such disdain by Standard & Poor's. To understand what that means, consider this: only one nation on earth has a rating of 'CCC' or lower -- violence-ridden Belize.
Now Penton management has recently expressed some optimism, as reported here by my fellow B2B blogger David Shaw.
But I simply don't share that confidence. No company can grow their way out of the debt-driven disaster that is Penton's balance sheet. Penton, publisher of such titles as "Air Transport World" and "Baking Management," will have to divest properties (the company has already sold off its European holdings.) There are probably some bargains to be had by any acquisition-minded publishers.