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The McClatchy Company Message Board

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  • imadeadcat imadeadcat Jan 14, 2008 2:59 PM Flag

    Moody's lowered debt rating to Ba2

    regarding your reasons...
    1. Circulation is declining... That has been true for newspapers since the 1930s. According to S&P circulation declines for MNI will be less this year than last.
    2. Pruitt does get it. Head counts are falling. How else would operating costs have fallen mid single digits in 2007... and they forecast them to fall mid single digits in 2008. You might want to listen to the media conference call on the company website.
    3. Moody's downgrade of debt hurts but the EBITDA has held up really well due to the cost cutting. I think this represents your best argument.
    4. Downgraded at Goldman.... this stock and many in the indusrty were down well over 50% in the last 12 months before the Goldman call. Does that indicate that Goldman is behind the curve??
    December ad sales were down 5.3% in 2006. 2007 numbers are due this week with anything under a 9% fall "adjusted" for the period looking positive for MNI. The comparisons are much easier in the first 6 months of 2008.
    I hope the knife keeps falling... and there could be a good chance as it appears that the consumer economy is very weak. Investor sentiment seems bearish as well.

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