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Knight-Ridder Credit Rating Could Be Cut After $1.65 Billion Purchase.(Originated from The Miami Herald)
MIAMI--Apr. 8--The credit rating for Miami-based Knight-Ridder could be cut in response to the company's $1.65 billion purchase of four newspapers owned by Walt Disney Co., two debt-rating companies said Monday.
Knight-Ridder, which owns The Miami Herald and 30 other daily newspapers, said Friday it will buy The Kansas City Star, The Fort Worth Star-Telegram, The Belleville (Ill.) News-Democrat and The Times Leader in Wilkes-Barre, Pa. The purchase, which is expected to close in 60 days, is the largest newspaper deal ever.
Standard & Poor's put Knight-Ridder on credit watch with negative implications, the first step toward a downgrade. John …
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