Standard & Poor

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Standard & Poor’s has done the citing the continued decline in advertising Standard & Poor’s has lowered its corporate credit ratingxs on Gannett to from BBB- to BB, below investmengt grade, and has cut its ratingse on Gannett’s senior unsecured debt by four notches to two notches lower than its corporate credit rating. Its ratings outlook on Gannett is and it has assigned the company a recoverh rating that indicates negligible recovery for lenderss in the event of apayment “The downgrade of the corporate credigt rating reflects a worsening pace of expectedd decline in advertising spending in both Gannett’s newspaper publishing and broadcastinb businesses due to deteriorating levels of economic activity in the U.
S. and Standard & Poor’s said in a statement. Last week, Moody’ raised concern about Gannett’a cash flow, and assigned the company “speculativ e grade” liquidity rating. Gannett has cut jobs and orderexd companywide unpaid furloughs to counterfallinvg revenue. It also slashed its quarterlgy shareholder dividend to free up money to pay down Gannettstock (NYSE: GCI) was down 27 cents to $2.97 in Mondah trading. The McLean-based company has lost nearlyy 90 percent of its market valur in thelast year.