August 3, 2005

S&P raises Belo's debt rating

On Aug. 3, 2005, Standard & Poor's Ratings Services raised its corporate credit and senior unsecured debt ratings on Belo Corp. to 'BBB' from 'BBB-'. The outlook is stable. Belo has about $1.2 billion of debt outstanding.

The higher ratings are attributable to Belo's maintenance of a stronger financial profile in recent years and the expectation that the Company will be able to sustain this position in coming periods.

The ratings on Belo reflect the company's strong market positions, diversified mix of television broadcasting and newspaper publishing properties, and healthy internal cash generation. These factors are tempered by Belo's meaningful debt levels resulting from acquisitions, primarily during the 1997-1999 period, and the continued challenging
operating climate.