NEW YORK - Moody's Investors Service downgraded a key rating for McClatchy Co. Friday, saying the newspaper publisher will face shrinking revenue in the coming year.The outlook for the company is "Negative," according to Moody's report.
The agency said it lowered the rating on the expectation that McClatchy's revenue will continue declining this year, under pressure from the downturn in the real estate market. The negative outlook for the company reflects uncertainty over how long the downturn will last.
McClatchy executives, sun-tanned and rested from their convention in sunny San Diego, had no comment on the company website.
