S&P lowers Black Press

S&P said it lowered its long-term corporate credit rating on Black Press Ltd. to CCC+ from B-.

The outlook is negative.

The agency also lowered its issue-level rating on the company's senior secured notes to B from B+. The 1 recovery rating is unchanged, representing very high (90%-100%; rounded estimate 95%) recovery in default.

S&P said the downgrade and negative outlook reflect declining revenues and EBITDA indicating the secular pressures print advertisers are facing globally.

“Industry headwinds from increased digital competition and higher fragmentation of advertising dollars will continue to affect Black Press' print operations,” the agency said in a news release.

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