Standard & Poor's Ratings Services on Monday slightly lowered its ratings on newspaper publisher Tribune Co. and said the ratings will remain on CreditWatch with negative implications until the close of the company's $8.2 billion buyout.
The ratings service lowered Tribune's corporate credit rating to "B+" from "BB-." Both designations are junk bond ratings.
Tribune, which owns the Chicago Cubs baseball team, Chicago Tribune, Los Angeles Times and various other newspapers and TV stations, agreed to be purchased by a group led by real estate mogul Sam Zell for $34 per share earlier this year.
