S&P cuts MediaNews Group, gives loan BB-

Standard & Poor's said it lowered its ratings on MediaNews Group Inc., including the corporate credit rating to BB- from BB, adding that these ratings were removed from CreditWatch where they were listed with negative implications on April 27.

The outlook is stable.

At the same time, S&P said it assigned its BB- senior secured debt ratings to MediaNews' $896.2 million in senior secured credit facilities.

The agency added that the ratings on MediaNews reflect the company's heavy debt levels, attributable to growth over the years through acquisitions, noting that these factors are tempered by MediaNews' strong and geographically diverse market positions, free cash flow generation and no significant debt maturities over the next several years.

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