Standard & Poor's Ratings Services raised its corporate credit rating for newspaper publisher McClatchy Co. Tuesday, but took a negative outlook on the company over potential restructuring moves.

McClatchy & Co., one of the companies hardest hit by the crisis in the newspaper industry, was honored for its coverage of the economic meltdown.

Standard & Poor's Rating Services and Moody's Investor Services both lowered their corporate ratings of McClatchy Co. on Friday following a debt exchange deal announced by the newspaper publisher.

Another round of layoffs was announced on Wednesday, adding to the gloom over rising unemployment.

Another round of layoffs was announced on Wednesday, adding to the gloom over rising unemployment.

More companies announced layoffs this week as the employment picture continued to dim. MeadWestvaco, Graco and Caterpillar were among the latest names to announce job cuts.

More companies announced layoffs on Wednesday as the employment picture continued to dim.