S&P affirms Morris Publishing

Standard & Poor's said it affirmed its ratings on Morris Publishing Group LLC, including the BB corporate credit rating.

In addition, these ratings were removed from CreditWatch where they were listed July 25 with negative implications, the agency said.

The outlook is negative.

S&P added that the ratings reflect Morris Communications' significant consolidated debt levels, moderate-size cash flow base and a concentration of revenues and cash flow at its largest newspaper in Jacksonville, Fla.

These factors are tempered by strong and geographically diverse newspaper market positions, as well as some business diversity provided by the non-newspaper units, particularly outdoor advertising, the agency said.

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