Posted on 01/26/2008 11:12:52 AM PST by abb
CHICAGO Citing "heavy debt levels," Standard & Poor's Ratings Services has lowered the corporate credit rating of MediaNews Group Inc. deeper into junk territory, and hung a negative rating outlook on the Denver-based chain.
S&P moved MediaNews Group's corporate rating to "B" from "BB-minus." According to S&P's system, the new rating signifies the debt is "more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitment on the obligation."
"The downgrade reflects increasing leverage due to EBITDA (earnings before interest, taxes, depreciation and amortization) declines at the company's newspaper properties," S&P said in a statement.
List of properties owned by Media News
http://www.medianewsgroup.com/properties/
ping
Well, they won’t be around much monger in their current capacity.
Well, they won’t be around much monger in their current capacity.
Hence the DeathWatch™ tag for these threads.
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