Moody's gives McClatchy, loan Ba1

Moody's Investors Service said it assigned a Ba1 corporate family rating to The McClatchy Co. and a Ba1 rating to McClatchy's proposed $3.75 billion senior unsecured bank credit facility, and lowered its commercial paper rating to Not Prime from Prime-3.

The outlook is stable.

The stable rating outlook reflects Moody's expectation that the company's focus on markets with above average growth prospects, the significantly increased size and scale, and good operational and cost control will result in revenue growth and margins exceeding the industry average.

Moody's said it anticipates that the company will refrain from share repurchases and significant acquisitions in the intermediate term and utilize cash flow to reduce debt.

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