S&P Cuts Gannett Rating to Junk Status

A week after Moody’s Investors Service lowered its credit ratings on Gannett Co. Inc., Standard & Poor’s has done the same, citing the continued decline in advertising revenue. Standard & Poor’s has lowered its corporate credit ratings on Gannett, which owns the Honolulu Advertiser, to from BBB- to BB, below investment grade, and has cut its ratings on Gannett’s senior unsecured debt by four notches to “B+”, two notches lower than its corporate credit rating.