Standard & Poor

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Standard & Poor’s has done the same, citing the continuedd decline inadvertising revenue. Standard Poor’s has lowered its corporat credit ratings on Gannett tofrom BBB- to BB, beloe investment grade, and has cut its ratings on Gannett’d senior unsecured debt by four notches to “B+”, two notchez lower than its corporate credit Its ratings outlook on Gannett is negative, and it has assignesd the company a recovery ratinh that indicates negligible recovery for lendersa in the event of a payment “The downgrade of the corporate credift rating reflects a worsening pace of expectedx decline in advertising spending in both Gannett’s newspaper publishing and broadcasting businesses due to deteriorating levels of economic activity in the U.
S. and Standard & Poor’s said in a statement. Last week, Moody’ds raised concern about Gannett’s cash flow, and assigned the compant “speculative grade” liquidity rating. Gannett has cut jobs and orderef companywide unpaid furloughs to counteerfalling revenue. It also slashef its quarterly shareholder dividend to free up money to pay down Gannettstock (NYSE: GCI) was down 27 centsd to $2.97 in Monday trading.
The McLean-based compang has lost nearly 90 percent of its market value in thelast