S&P lowers Tribune

Standard & Poor's said it lowered its corporate credit rating on Tribune Co. to B- from B and removed all ratings from CreditWatch, where it originally placed them, with negative implications, on Feb. 8.

The outlook is negative.

At the same time, the agency said it revised ratings on Tribune's $10.1 billion in senior secured credit facilities, adding that it revised the recovery rating to 2 from 1 and lowered the bank loan rating to B from BB-.

The agency noted that the downgrade to B- reflects its expectation that the rate of decline in advertising revenue at Tribune's newspaper publications could be in the 10% area in 2008.

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