Moody’s Downgrades Tribune

By: E&P Staff

Moody?s Investors Service cut the Tribune Co.?s corporate rating to Ba3 from Ba1, existing unsecured notes to B2 from Ba1, and subordinated notes to B2 to Ba2.

Moody?s downgraded the company on concerns of the ?significant increase in leverage? that will result from the company taking itself private.

The Ba3 rating was based on the debt mix upon completion of the first step of the company going private.

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