Night of the living dead newspaper chain McClatchy (NYSE: MNI) got hit with another downgrade today. Fitch cut the company’s issuer default rating further into the junk word, dropping it to "BB". It is also keeping the firm on its negative outlook list which means the rating may be cut again, according to the AP
McClatchy is famous for buying rival newspaper chain Knight-Ridder just as the industry hit its death spiral. The company’s shares were over $50 two years ago. They now change hands for just above $10.
Wall St. is concerned, for good reason, that McClatchy might have problems with that $2.5 billion in debt it carries on the balance sheet.
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
