Moody’s Investor Services downgrades McClatchy
…Moody’s said the offer amounted to a distressed debt exchange, a default under its rating definitions. Credit raters not only don’t like the offer to pay far less than face value on the notes, they also say it amounts to coercion because holders who don’t exchange the old notes will have to get in line behind holders of the new notes if McClatchy were to go bankrupt or trigger some other default event.
Related Posts:
- Standard and Poor’s Ratings Services downgrades McClatchy Co.
- Wow. McClatchy article on Cheney must be pretty bad for Powerline’s John Hinderaker to label it ‘The Most Insanely Biased ‘News’ Story In History;’ Article is ‘DNC/Daily Kos talking points from 2003 to the present’
- Wash Times editorial — Tehran’s nuclear trigger, The mullahs could have the bomb any day now
- Study finds tiny traces of cocaine on US dollars
- Yahoo: NBA finds nothing funny in Arenas probe
Tags: McClatchy
