Moody’s Investors Service upgraded Block Communications’ corporate family rating to Ba3 from B1 and revised its outlook to stable. In addition, Moody’s upgraded Block’s 150 million in senior notes due 2015 to B1 from B2. Ratings on other issues were confirmed. In all, Moody’s has ratings on 340 million of Block’s debt.
"The upgrade reflects Moody’s expectation that Block’s favorable union contract resolution at both The Blade (Toledo, OH) and Pittsburgh Post-Gazette will result in significant cost savings and substantial improvement in the company’s credit metrics," Moody’s said.
Privately owned Block has operations in cable television, telecommunications, newspaper publishing and television broadcasting.