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S&P Lowers Gannett Rating to Junk
Shares of Gannett(GCI Quote) were down nearly 20% in early trading after Standard & Poor's cut the newspaper company's corporate credit rating to junk status.
S&P maintains the lowered rating is resulting from a worsening pace of expected decline in advertising spending in both Gannett's newspaper publishing and broadcasting businesses, which is due to deteriorating levels of economic activity in the U.S. and the U.K. ...
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