Stock hits 52-week low
NEW YORK (AP) -- Standard & Poor's Ratings Services on Friday lowered its corporate credit and bank loan ratings on newspaper publisher McClatchy Co. to junk status of "BB+" from "BBB."
The ratings were also taken off CreditWatch, where they were placed with negative implications on March 8.
The rating outlook is stable.
"The lower ratings follow our 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," credit analyst Peggy Hebard said in a statement.
Shares of McClatchy fell 68 cents to $29.18 in midday trading on the New York Stock Exchange. The stock hit a 52-week low of $28.80 earlier in the session. It had previously traded in a range of $29.16 to $47.73.
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