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S&P lowers Morris Publishing
Standard & Poor's said it lowered its corporate credit rating on Morris Publishing Group LLC to D from CCC.
In addition, the issue-level rating on the company's $300 million senior subordinated notes was lowered to D from CC, and the issue-level rating on its senior secured credit facility was lowered to CC from CCC+, the agency said.
According to S&P, the rating actions stem from the company's failure to make the $9.7 million interest payment on the subordinated notes, which was due on Feb. 1.
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