(Reuters) - "The rating action incorporates the risk that given the company's depressed stock price and credit ratings, management may extend its debt repayment time frame by taking some modest shareholder-friendly actions in the coming years," Fitch said in a release.
Fitch lowered McClatchy's issuer default rating one notch to "BB-plus," the highest junk rating, from "BBB-minus." Fitch also lowered the senior unsecured notes the company assumed through acquiring Knight Ridder to "BB-plus" from "BBB-minus."
Read more at Reuters.com Bonds News
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