S&P lowers Knight Ridder debt

Standard & Poor's said it lowered its ratings on the senior unsecured debt assumed by The McClatchy Co. from Knight Ridder Inc. to BB- from BB+.

The ratings were removed from CreditWatch, where they were placed with negative implications on May 3, the agency said.

At the same time, all other ratings on McClatchy, including the BB+ corporate credit rating, were affirmed, S&P noted.

The outlook is stable.

The rating downgrade on the assumed unsecured debt follows the execution of the guarantees in support of McClatchy's bank loan on May 4, according to section 6.12 of the bank agreement, S&P said.

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