Moody's: McClatchy has "junk bond" rating

From the Sacrmamento Bee (password required):

A day after The McClatchy Co. took a $1.52 billion non-cash write-down to reflect weak business conditions, Moody's Investors Service said Friday it is reviewing the company's credit rating for a possible downgrade. Moody's cited the write-down and "ongoing pressure on the company's cash flow from declining advertising revenue." Moody's rates Sacramento-based McClatchy, which owns The Bee, at Ba1. That's a junk-bond, or
non-investment grade, rating. Companies below investment grade are considered riskier and their debt is off-limits to some institutional investors.