Standard and Poor’s Ratings Services downgrades McClatchy Co.

McClatchy Watch:

Joining Fitch and Moody’s, Standard & Poors today downgraded McClatchy deeper into junk territory.

Standard & Poor’s Ratings Services on Friday slashed its corporate credit rating on newspaper publisher McClatchy Co. four notches deeper into junk territory after the company offered to buy back $1.15 billion in debt at a fraction of face value.

The ratings agency cut the corporate credit rating and secured debt rating to CC from CCC+, a four-level downgrade to just three steps away from a default rating. The outlook for the corporate credit rating is negative.

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