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NEW YORK - 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.
S&P raised the corporate credit rating to "CC" from "SD," or selective default. The ratings move is based on McClatchy's announcement that it exchanged $24 million in new senior notes and $3 million in cash for a total of $103 million of senior notes originally issued by Knight Ridder Inc. The company could see continued earnings declines causing it to violate a leverage covenant, S&P said.
Continued declines at the company and throughout the newspaper industry make it likely McClatchy could face restructuring, S&P added.
Shares of McClatchy rose 1 cent to 51 cents in after-hours trading after closing unchanged at 50 cents during the regular trading session.
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