Moody’s revises McClatchy to positive

Moody's Investors Services said it changed the outlook of McClatchy Co. to positive from stable.

The Caa1-PD probability of default rating, SGL-2 speculative grade liquidity rating and debt instrument ratings were affirmed.

Moody’s said the outlook change is due to the company's recent announcement that it will repurchase over $400 million of outstanding notes resulting in improved leverage ratios even though overall revenue and EBITDA continue to decline reflecting weak demand for print advertising.

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