Tuesday, April 22, 2008

Moody's Investor Service downgrades GateHouse Media

More bad news for GateHouse Media.
The highly respected Moody's Investor Service has downgraded the company:

Moody's Investors Service downgraded GateHouse Media (NYSE:GHS) Operating Inc. and signalled a further possible downgrade, saying the publisher's operating performance has fallen below the agency's expectations, as well as citing the company's very tight liquidity profile, its reliance upon asset sales to generate cash, its close proximity to financial covenants and continuing event risk.

The article indicated further downgrades may be on the horizon.

GateHouse Media owns The Carthage Press, Neosho Daily News, Pittsburg Morning Sun, and Big Nickel, among other publications, in this area as well as hundreds of publications across the United States.

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