Moody's rates Gannett notes, loans Ba1

Moody's Investors Service said it assigned Ba1 ratings to Gannett, Inc.'s proposed $1 billion of senior unsecured notes.

In addition, Moody's assigned Ba1 ratings to the company's recently extended senior unsecured bank credit facilities and affirmed the Ba1 corporate family rating, Ba1-PD probability of default rating, Ba2 issuer rating and ratings on the other debt instruments.

The speculative grade liquidity rating was changed to SGL-1 from SGL-2 and the outlook remains negative.

Proceeds from the new notes will be used to fund the pending Belo acquisition, which recently received shareholder approval. Upon funding, proceeds will be held in escrow to be applied at the closing of the Belo transaction expected later this year.

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