S&P puts McClatchy on negative watch |
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Published
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Thu, 08 Mar 2007 20:39
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NEW YORK (AP) - Standard & Poor's Ratings Services on Thursday placed newspaper publisher McClatchy Co. on negative watch due to difficult industry conditions.The agency said the move 'underscores our increasing concerns that McClatchy will not achieve credit measures aligned with the current rating within the near term.'McClatchy, publisher of The Miami Herald and The Sacramento Bee, has a 'BBB' investment-grade corporate credit rating.In January, the company posted a 5.8 percent decline in total advertising revenue on an adjusted basis.Shares of McClatchy fell 44 cents to $35.52 in afternoon trading on the New York Stock Exchange. Earlier in the session the stock hit a 52-week low of $35.47. The shares had traded in a 52-week range of $35.59 to $53.24.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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McClatchy Jan. revenue falls 5.2 percent 