S&P lowers Morris Publishing

Standard & Poor's said it lowered its corporate credit rating on Morris Publishing Group LLC to BB- from BB and its subordinated debt rating to B from B+.

At the same time, S&P said it affirmed its rating on the company's secured debt at BB+, the recovery rating on this debt remains unchanged at 1, indicating the expectation for very high recovery in the event of a payment default.

The outlook is negative.

The downgrade follows S&P's review of Morris Publishing's lower-than-expected first-quarter operating results at a time when the company's financial profile was already weak for the rating.

According to the agency, the rating on Morris Publishing is based on the consolidated credit quality of Morris Communications Co. LLC and its restricted subsidiaries, which guarantee Morris Publishing's senior secured credit facilities.

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