S&P lowers Tribune

Standard & Poor's said it lowered its ratings on Tribune Co., including the corporate credit rating, which was lowered to BB- from BB+.

The ratings remain on CreditWatch with negative implications, S&P said, noting that the ratings downgrade follows the announcement that the company has completed its strategic review process, which will result in a leveraged buyout transaction valued at just under $14.5 billion, incorporating the assumption or repayment of $5.7 billion of debt.

Furthermore, based on its analysis of the proposed capital structure, the agency said it has determined that if shareholders approve the transaction as outlined, it would lower the corporate credit rating to B, with a stable outlook.

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