S&P: Gannett on watch

Standard & Poor's said it placed its long-term ratings for Gannett Co. Inc., including the A- corporate credit rating, on CreditWatch with negative implications.

At the same time, the agency said it affirmed Gannett's A-2 commercial paper rating, adding that the CreditWatch listing for the long-term ratings reflects a worsening pace of decline in advertising revenue at the company's newspaper publications in the March 2008 quarter compared with 2007.

The agency said that the current A- corporate credit rating incorporates its expectation that annual revenue declines would not exceed the mid-single-digit percentage area in Gannett's newspaper publishing segment in 2008.

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