S&P affirms Gannett

Standard & Poor's said it affirmed Gannett Co. Inc.'s ratings, including the A- corporate credit rating, and removed them from CreditWatch, where they were placed with negative implications on July 24.

The outlook is negative.

The agency said the affirmation reflects its expectation that Gannett will pursue a conservative financial policy and maintain credit measures at levels appropriate for current ratings, notwithstanding the expectation that the newspaper industry will experience ongoing operating challenges.

The negative outlook reflects S&P's expectation that advertising revenue performance in the company's newspaper segment will be difficult over the intermediate term.

The ratings continue to be supported by Gannett's strong and geographically diverse portfolio of newspapers and television broadcasting properties and by its healthy internal cash generation, the agency said.

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