Fitch downgrades Tribune Co. stock and sees more dark clouds on the horizon. From Chicago Business, via Romenesko:
Fitch sliced Tribune's rating two notches to "CCC" from "B-." It gave the stock a "negative" outlook, which means a decrease in the company's ratings is likely, usually at some point in the next eight to 12 months.
The ratings agency said a "CCC" rating means "default is a real possibility, and the capacity to meet financial commitments is vulnerable to deterioration in business and economic conditions."