New York, November 30, 2015 -- Moody's Investors Service affirmed the credit ratings of The McClatchy Company ("McClatchy") and changed the rating outlook to stable from positive due to continued weakness in the print advertising market and the ongoing pressure on the company's operating cashflow. While the company has spent the majority of 2015 working on improving its digital product offerings and re-organizing the sales-force, the results of these efforts may take time to yield, placing further pressure on ongoing debt-to-EBITDA leverage. In addition, Moody's is revising the Speculative Grade Liquidity rating to SGL-3, as we expect ongoing top-line pressure to depress free cash flow generation, and potentially result in short term draws on the company's revolving credit facility for working capital needs. McClatchy's Corporate Family rating was affirmed at Caa1 and the Probability of Default Rating and debt instrument ratings were affirmed as summarized below.

Vollständigen Artikel bei Moodys lesen