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Friday, September 22, 2006

S&P cuts its Tribune ratings to junk level

(Reuters) — Standard & Poor's on Friday cut its ratings on Tribune Co. into junk territory and said it may cut them again, citing the media company's statement that it is exploring alternatives to increase value for shareholders.

Tribune, under rising investor pressure to sell divisions or go private, said after a board meeting on Thursday that it would consider strategic alternatives to create value with the support of its largest shareholder.

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