S&P; to Lower Rating on Knight Ridder Debt
From the Associated Press
Standard & Poor’s said it would lower its rating on the Knight Ridder Inc. senior unsecured debt being transferred to McClatchy Co. to BBB from BBB+ when McClatchy’s purchase of Knight Ridder was complete.
The new rating is only two notches above speculative status. The decision was based on the increased debt load McClatchy would take on as part of its acquisition, which was announced March 13.
