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S&P downgrades McClatchy
S&P said it downgraded the McClatchy Co.’s rating to CCC- from CCC+, lowered the senior secured notes’ rating to CCC from B- and the rating on the senior unsecured notes to C from CCC-.
On Nov. 13, 2019, McClatchy announced that it initiated discussions with the PBGC and its largest debtholder to resolve its liquidity challenges and address its substantial pension and debt liabilities. This follows a denial by the IRS of its request for mandatory pension contribution relief in 2020. Our downgrade to CCC- reflects the expectation that McClatchy could pursue a debt restructuring or Chapter 11 filing before September 2020 to resolve its liquidity challenges and substantial liabilities,” said S&P in a press release.
The outlook is negative.
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