S&P puts Gannett on watch

Standard & Poor's said it placed Gannett Co. Inc.'s BBB+ long-term corporate credit rating and A-2 short-term rating on CreditWatch with negative implications.

The watch reflects a worsening pace of decline in advertising revenue at the company's newspaper publications and concern that Gannett may experience rates of decline in total revenue and EBITDA that are more significant over the intermediate term than expected, according to the agency.

The BBB+ rating incorporates expectation that revenue and EBITDA declines would not exceed the high-single-digit percentage in 2008, S&P said.

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