Moody’s Investor Services downgrades McClatchy

McClatchy Watch:

…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.

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