Fitch assigns Gannett B, loan, notes BB

Fitch Ratings said it assigned long-term issuer default ratings of B to Gannett Co., Inc. and Gannett Holdings LLC and BB/RR1 issue ratings to the first-lien secured term loan and notes.

“Gannett will continue facing negative secular headwinds in print circulation and readership driven by increasing digital news consumption and audience fragmentation, which will be a drag on total advertising revenues. While the pandemic exacerbated these headwinds, it remains too early to determine if the accelerated declines will continue, which could preclude Gannett from returning to the pre-pandemic decline trajectory of high-single digit to low-teens,” Fitch said in a press release.

However, the agency noted Gannett’s digital circulation growth continues and is forecasted to grow in concert with overall newspaper sector growth.

The outlook is stable.

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