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NEW YORK (AFX) - Standard & Poor's Ratings Services said Friday it placed newspaper publisher and television broadcasting company Gannett Co. on CreditWatch for a possible downgrade.
"The CreditWatch listing reflects Gannett's higher debt levels and continued softness at both its U.S. and British newspaper operations at a time when the company's financial profile is weak for the ratings," said Standard & Poor's credit analyst Donald Wong, in a report.
S&P notes that Gannett's debt increased by about $450 million during the third quarter, even though outstanding borrowings fell by nearly $400 million in the first half of the year.
As of September, Gannett had about $5.5 billion in outstanding debt.
Gannett's long-term rating with S&P is "A" while its short-term rating is "A-1."
Shares of Gannett were down 7 cents at $57 in afternoon trading 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.
