Фев 19 2014

Though canada goose store Moody raised McClatchy ratings after

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buy canada goose jacket NEW buy canada goose jacket YORK, Feb 23 (Reuters) McClatchy Co has won some breathing room with a major debt refinancing, but canada goose uk outlet its canada goose clearance sale credit protection costs remain high, signaling that investors have lingering questions about the newspaper publisher future. The transaction reduces looming debt maturities Canada Goose online in 2011, leaving 2013 as the next deadline for significant debt coming due. That will give McClatchy more time to reap the benefits of a strong cost cutting drive and continue its shift canada goose uk black friday to online from print revenues. Canada Goose Parka But McClatchy swaps have retraced www.canadagooseoutletjackets.com all of January strengthening and are now 157 basis points wider than when its refinancing was canada goose black friday sale announced, at about 1016 basis points as of Tuesday, according to data Canada Goose Online from Markit. think the market is smart enough to know that there are some fundamental issues here and what they done is basically delayed the inevitable, said Shelly Lombard, analyst at independent research service Gimme Credit. McClatchy has done a great job of cutting costs and cleaning up its canada goose coats balance sheet, but think people are still concerned and rightly so uk canada goose outlet about the long term canada goose coats on sale viability of the newspaper industry, Lombard said. Rating agency canada goose uk shop Moody Investors Service is also cautious about McClatchy Canada Goose Coats On Sale long term future. Though www.canadagooseoutletjackets.com canada goose store Moody raised McClatchy ratings after the refinancing, the agency warned that the company leverage is still unsustainable, creating elevated risk of a restructuring over the long term. newspaper chain in canada goose 2006 with its purchase of Knight Ridder Inc. But the acquisition also increased cheap Canada Goose the publisher leverage, resulting in a downgrade to uk canada goose junk status from investment grade. McClatchy has relieved much of the cheap canada goose uk immediate pressure from its debt load. By buy canada goose jacket cheap refinancing bonds and bank debt and extending maturities on a credit line, the company has reduced funded debt maturities in Canada Goose sale 2011 to $75 million from $1.05 billion, according to Moody Some analysts also expect McClatchy to benefit from a recovering economy, which could slow the revenue declines of the recent past. CreditSights, for example, assigned an overweight recommendation to McClatchy after its refinancing announcement. In a report, CreditSights analyst Jake Newman said McClatchy results could be helped by its cost cuts of the past year and lower newsprint prices. While secular trends in the newspaper Canada Goose Jackets industry still point to declining revenues, should be more moderate than those of canada goose factory sale the recession and, for the coming 12 months, perhaps canada goose clearance easier to address, Newman said. Lombard said she does not expect a wave of selling in McClatchy bonds, but neither should investors expect gains. Despite the fact that McClatchy online revenues are growing rapidly, Canada Goose Outlet they are still a small portion of its overall business and are not expanding quickly enough to replace newspaper revenue, she said. On the positive side, Lombard said she does not expect McClatchy to run into problems for at least 18 months canadian goose jacket and probably two years, and investors can collect their coupons until then. But if revenues are still declining as the economy recovers, got a lot more uncertainty than people are factoring in even now, she said. (Reporting by Dena Aubin; Editing by Dan Grebler) buy canada goose jacket.

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