Fitch drops Tribune

Fitch Ratings said it downgraded the following ratings on Tribune Co.: issuer default rating to CCC from B-, senior guaranteed revolving credit facility to CCC+/RR3 from B/RR3, senior guaranteed term loan to CCC+/RR3 from B/RR3, senior unsecured bridge loan to CC/RR6 from CCC/RR6, senior unsecured notes to CC/RR6 from CCC/RR6 and subordinated exchangeable debentures due 2029 to CC/RR6 from CCC-/RR6.

The outlook is negative.

The agency said that the downgrade and negative outlook reflect that given the acceleration of declines in newspaper advertising revenue and cash flow at Tribune and no evidence from any participants in the industry regarding the prospects for current pressure relenting, Fitch believes Tribune's credit profile is consistent with a CCC rating.

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