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S&P lowers McClatchy to junk
Standard & Poor's said it lowered its corporate credit and bank loan ratings on The McClatchy Co. to BB+ from BBB.
The ratings were removed from CreditWatch, where they were placed with negative implications on March 8, the agency said.
The outlook is stable.
S&P noted that the lower ratings follow its review of operating conditions in the newspaper sector and consider McClatchy's ability to improve credit measures over the next few years through management's focus on debt reduction.
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