Tue Nov 6, 2012 3:25pm EST


— We are lowering our long-term corporate credit rating on Victoria, B.C.-based Black Press Ltd. to ‘B-‘ from ‘B’ based on our view of the company’s ongoing organic revenue and profit declines, as well as refinancing risk.
— At the same time, we are revising our recovery rating on the company’s senior secured bank debt to ‘1’ from ‘2’, while affirming our ‘B+’ issue-level rating on the debt, reflecting our view of improved recovery prospects given Black Press’ continued repayment of the debt.
— The negative outlook reflects our expectation that we could lower the ratings in the near term if the company fails to address its refinancing risk.

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