* CEO says newspaper asset sales difficult now

* Preliminary EPS beats estimates, but expects write-down

* Board to review dividend policy before end of year

*S&P cuts, Moody's puts company on watch for downgrade

* Shares close up two cents (Adds S&P debt rating cut)

By Robert MacMillan

NEW YORK, Oct 23 (Reuters) - The New York Times Co (NYT.N: Quote, Profile, Research) posted a quarterly loss from continuing operations on Thursday because of charges for job cuts, and is looking for ways to reduce debt as the changing habits of its readers and deepening financial crisis suck away advertising dollars.

The preliminary results exceeded Wall Street's expectations, but point to a steady decline in the fortunes of U.S. newspapers, including the New York Times, which is so widely read in the United States that many call it the paper of record.

The company's stock fell more than 10 percent on Thursday, hitting its lowest level since 1991, before rebounding to close up two cents to $10.70.