Moody's puts McClatchy ratings on review: possible downgrade on cash flow concerns

CNNMoney.com:

Moody's Investors Service put some of McClatchy Co.'s ratings on review for possible downgrade Friday, saying the company's cash flow has become increasingly squeezed by advertising sales declines.

The newspaper sector has been struggling with ongoing ad sales drop-offs as consumers and advertisers continue to migrate to the Internet. Publishers are implementing cost controls efforts and ramping up Web operations in an attempt to help offset print declines.

Moody's said McClatchy's "Ba2", or junk, corporate family rating, "Ba2" probability of default rating and associated debt ratings are under review.