Moody's Downgrades McClatchy Rating

Posted Friday, January 11, 2008 12:00 am

By: Moody's Investors Service downgraded a key rating for McClatchy Co. Friday, saying the newspaper publisher will face shrinking revenue in the coming year.

The credit rating agency lowered McClatchy's corporate family rating to Ba2 from Ba1. Both ratings are speculative-grade. The outlook for the company is "Negative," according to Moody's report.

The agency said it lowered the rating on the expectation that McClatchy's revenue will continue declining this year, under pressure from the downturn in the real estate market. The negative outlook for the company reflects uncertainty over how long the downturn will last.

Shares of McClatchy Co. rose 8 cents Friday to $11.53 in afternoon trading.

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Moody's Downgrades McClatchy Rating

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