Fitch: Tribune Exhibits Higher Event Risk Relative to McClatchy.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. believes that the credit profiles of McClatchy Company (McClatchy) and Tribune Company The Tribune Company (NYSE: TRB) is a large American multimedia corporation based in Chicago, Illinois. It is the nation's second-largest newspaper publisher, responsible for the Chicago Tribune, Los Angeles Times, Newsday, Hartford Courant (Tribune) are similar on several operational and financial levels, but Tribune exhibits a higher event risk relative to McClatchy, as discussed in a Fitch Ratings report. Fitch fitch: see polecat. believes that both companies' credit profiles are consistent with 'BBB-' ratings with a Negative Outlook. McClatchy, however, has positive momentum while Tribune's momentum has been negatively affected by event risk considerations since its downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. on May 30. McClatchy has more room at its current rating for operational shortfalls or financial misses, while Tribune has very limited room at the current rating for financial policy revisions, meaningful operational shortfalls or other materially negative strategy changes. Fitch continues to maintain a negative outlook on the newspaper and broadcasting industries. The full report 'US Newspapers: McClatchy and Tribune Relative Credit Profile Summary' can be found on the Fitch Ratings web site at www.fitchratings.com. Other recently published Fitch reports include: --'Media, Entertainment and Business Services - Annual Recovery Rating Review 2006' - Sept. 13, 2006 --'The McClatchy Company' - Sept. 14, 2006 --'Hearst-Argyle Television, Inc.' - Sept. 8, 2006 --'Tribune Company' - Aug. 23, 2006 --'TV Broadcasting: Emerging Technologies and the Potential Affect on Credit Quality' - May 9, 2006 --'U.S. Newspapers: Heightened Risk in a Downturn' - May 3, 2006 Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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