Friday, March 20, 2009

MNG tells credit rating firm to butt out

MediaNews Group, the Denver-based chain that owns several dailies in the Bay Area, has told Standard & Poors it no longer wants the firm to rate its ability to repay an estimated $962 million in debt, the Denver Business Journal reports. The move Thursday came two days after S&P downgraded its rating of MNG's secured credit facilities to CCC from CCC+, saying cash flow was declining at a significantly faster rate than it previously thought. Last April, MNG stopped releasing its financial information to the public, such as its earnings or executive compensation. [Also see E&P's take on this.]

1 comment:

Anonymous said...

How ironic. Singleton can't stand a little outside scrutiny. Too bad businesses who are covered by MediaNews papers, like the Mercury-News, can't simply request that the paper stop covering them.