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Moody's rates GateHouse loan B1
Moody's Investors Service said it assigned a B1 rating to GateHouse Media Operating, Inc.'s new senior secured first-lien credit facilities.
In addition, Moody's said it has downgraded GateHouse's corporate family rating to B2 from B1.
The outlook is stable.
The downgrade of the corporate family rating largely reflects the incremental debt burden and heightened leverage that Moody's said it expects will result from GateHouse's proposed debt-funded acquisition of CP Media, Inc. and Enterprise NewsMedia Holding, LLC.
The ratings are supported by the defensibility of GateHouse's community newspaper model, the longstanding reputation of its newspaper titles and barriers to competitive entry due the inability of most of its small rural markets to support more than one local newspaper, the agency said.
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