(The following statement was released by the rating agency) Overview — We are revising our outlook on Toronto-based Postmedia Network Inc. to negative from stable based on the company’s weaker-than-expected operating performance in the second quarter ended Feb. 29, 2012. — We are affirming all our ratings on the company, including our ‘B’ long-term corporate credit rating. — The negative outlook reflects Standard & Poor’s view of the ongoing challenges Postmedia faces with revenue and profitability declines given difficult industry fundamentals.

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