Standard & Poor’s Ratings Services today
placed Gannett’s long and short term credit
ratings on credit watch, with negative implications.
Gannett has continued to fund itself in the commercial paper market
despite current market disruptions over the past few weeks. As a prudent
liquidity measure in light of the ongoing credit market dislocations,
Gannett partially drew down on its committed revolving credit facilities
sufficient funds to cover all of its commercial paper obligations
outstanding. This action was taken prior to -- and was completely
unrelated to -- Standard & Poor’s actions
Irrespective of any actions Standard & Poor’s
may take in the future, Gannett continues to generate substantial cash
flow and also has significant untapped availability under its $3.9
billion of committed revolving credit facilities, far in excess of our
total commercial paper obligations.
“Our underlying fundamentals remain strong and
we continue to be a solid investment grade company,”
said Craig A. Dubow, chairman, president and chief executive officer.
Gannett Co., Inc. (NYSE:GCI) is a leading international news and
information company that publishes 85 daily newspapers in the USA,
including USA TODAY, the nation’s
largest-selling daily newspaper. The company also owns nearly 900
non-daily publications in the USA and USA WEEKEND, a weekly newspaper
magazine. Gannett subsidiary Newsquest is the United Kingdom’s
second largest regional newspaper company. Newsquest publishes 17 daily
paid-for titles, approximately 300 weekly newspapers, magazines and
trade publications, and a network of award-winning Web sites. Gannett
also operates 23 television stations in the United States and is an
Internet leader with sites sponsored by its TV stations and newspapers
including USATODAY.com, one of the most popular news sites on the Web.