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NEW YORK (AFX) - Credit ratings agency Moody's Investors Service on Wednesday cut its rating on the senior unsecured notes of newspaper publisher Media General Inc.
Moody's cut Media General's rating to "Ba1" from "Baa3" and gave the company a "Ba1" corporate family rating. The rate change came after Moody's reviewed the company's decision to buy four NBC television stations for $603 million. The acquisitions are expected to be financed with debt.
Media General closed up a penny at $37.16 on the New York Stock Exchange. Copyright 2006 Associated Press. All rights reserved. This material may not be
Copyright 2006 AFX News Limited. All Rights Reserved.
