Standard & Poors downgraded the credit rating for Orange County Register parent company Freedom Communications Inc., knocking it two notches from B+ to B-.
According to Mary Ann Milbourn’s post on the topic:
It was the second time this year that S&P downgraded Freedomâ€™s credit rating.
Douglas S. Bennett, Freedom’s chief financial officer, said the Freedom rating was part of an industrywide downgrade of newspapers and reflected a worst-case scenario for the company’s performance this year.
“It seems we’re being compared to a Tribune Co. or Journal Register or others in different financial positions because of their amount of leverage,” Bennett said. “Our position as a company is we will continue to monitor and manage our business such that each and every day we plan to stay covenant compliant.”