Tribune debt rating cut to CCC
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Newspaper and broadcasting company Tribune Co. had its debt rating cut two levels to CCC by Standard & Poor’s, which said the company’s Chicago Cubs might sell for less than anticipated.
The financing environment may limit bids or delay the sale of the Major League Baseball team, Wrigley Field and a stake in a television network, S&P; said. The rating is four levels above default.
On Monday, Chicago-based Tribune, owner of The Times, reported a third-quarter loss of $121.6 million. Sales fell 10% to $1.04 billion.
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