S&P cuts Network Communications

Standard & Poor's said it lowered its corporate credit and issue-level ratings on Network Communications Inc. to CCC from CCC+.

The outlook is negative.

S&P said that negative business trends have caused the discretionary cash flow and covenant compliance cushion of the company to erode, resulting in limited liquidity.

The negative outlook reflects S&P's concern that the company could have difficulty maintaining liquidity and complying with covenants if declines in its real estate and home improvement publications do not moderate.

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