Moody's upgrades Gannett notes to Ba1

Moody's Investors Service said it upgraded the 7¾% senior notes due 2027 and 7¼% senior notes due 2027 issued by Belo Corp. in 1997 each to Ba1 from Ba3 with Gannett Co., Inc. assuming the notes.

The agency withdrew Belo's corporate family rating, probability of default rating and speculative grade liquidity rating to reflect the acquisition of Belo by Gannett in December 2013.

In addition, Moody's affirmed all other credit ratings of Gannett, including the Ba1 Corporate family rating and Ba1-PD probability of default rating. Gannett's SGL-1 speculative grade liquidity rating was also affirmed and the outlook remains negative.

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