Standard & Poor's Ratings Services said it has placed its ratings for MediaNews Group Inc, including the 'B' corporate credit rating, on negative watch.The ratings agency said the negative watch outlook reflects its ongoing concerns regarding operating trends in the newspaper sector, which it said it believes will continue to drive meaningful EBITDA declines for newspaper companies in 2008.
S&P said it was concerned that lower EBITDA may lead to a violation of the leverage covenant in its bank agreement over the near term in the case of MediaNews.
