Moody’s Lowers Some GateHouse Ratings

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Moody’s Investors Services lowered some of GateHouse Media Operating Inc.’s ratings Tuesday and put all of its ratings under review for possible further downgrade, partly due to the company’s weak operating performance.

The agency cut GateHouse’s corporate family rating to “B2” from “B1” and reduced its probability of default rating one notch to “B3” from “B2.” Both ratings remain at the non-investment grade, or “junk” level.

Moody’s said its review will look at several areas, including whether the Fairport, N.Y.-based publisher’s cost cutting efforts will be enough to offset lower sales and higher newsprint costs.

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