Moody's downgrades Tribune long-term debt rating

05-23-06 05:01 PM EST

SAN FRANCISCO (MarketWatch) -- Moody's Investors Service late Tuesday downgraded Tribune Co.'s (TRB) senior unsecured long-term debt ratings to Baa1. The outlook is negative. The agency said the downgrade results from the company's ongoing share repurchase activity, increased debt balances, and weaker-than-expected operating performance. Moody's said the negative outlook recognizes ongoing event and execution risks facing the Chicago-based media company and the media sector in general.