McClatchy hits another 52-week low... price falls under $5 a share as S&P downgrades McClatchy's rating

McClatchy (MNI) shares hit another 52 week low in trading on Friday. The above chart shows the drop in McClatchy shares over the past year.

On Friday Standard and Poors announced it had lowered its corporate credit rating on McClatchy to B+ from BB- on lower revenue. The outlook is said to be negative.

"The downgrade reflects meaningful declines in revenue and EBITDA in McClatchy's newspaper publishing business and the likelihood for further declines over the intermediate term," said Emile Courtney, an S&P credit analyst, in a statement.