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Moody's downgrades MediaNews Group - San Francisco Business Times:: “Moody's Investors Services on Thursday rated MediaNews Group Inc. -- owner of 29 newspapers in Northern California -- as being in “substantial risk” of default on its debt.

Denver-based MediaNews owns the Oakland Tribune, the Contra Costa Times, the Argus in Fremont, and the San Jose Mercury News, among other local papers.

The ratings service downgraded its “corporate family rating” of the privately held media company to Caa3 from B3 on $962 million in debt. It also lowered its “probability of default” rating to Caa3 from Caa1.”