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CHICAGO In its latest broad survey of the industry, issued Wednesday, Fitch Ratings said newspapers are performing even worse than it expected at the beginning of the year.
The only good news the credit ratings agency could find is not likely to cheer newspaper CEOs: Fitch believes the current credit crunch will likely halt the highly leveraged transactions—think Sam Zell’s takeover of Tribune Co.—that could be risky for bondholders.
“Fitch’s outlook for the sector remains negative,” the agency said in a report by analysts Michael Simonton and James Rizzo.
Fitch
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