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S&P lowers McClatchy
Standard & Poor's said it lowered its ratings on McClatchy Co., including lowering the corporate credit rating to CCC+ from B and the senior secured credit facilities to CCC+ with a recovery rating of 3 from B+ with a recovery rating of 2.
The outlook is negative.
The agency said the rating actions reflect its belief that McClatchy is likely to violate the total leverage covenant in its credit facilities at the end of 2009, which in turn is due to S&P's view that total revenue could decline near 20% and EBITDA could fall between 35% and 40% this year.
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