Fairfax Media New Zealand group head of digital Stephen Smith today confirmed that the company is following its Australian parent’s lead in investigating two levels of access for its online publications.

With the news industry moving to shore up evaporating advertising revenues, Fairfax Media is considering offering two levels of access, free entry for a mass audience, with a charge for more upmarket, high quality data reports The Age.

Fairfax Media faces a $A10 million hike in its interest expenses in the 2010 financial year after having its credit rating downgraded below investment grade level by Standard & Poor’s.

Standard & Poor’s has downgraded the company’s credit rating to BB+ (with a stable outlook) from BBB-, and the rating on its stapled preference securities to B+ from BB.

Fairfax Media shares dropped 4% to $A1.07 in trading on the ASX by early afternoon (New Zealand time).