Moody’s Investors Service has downgraded the corporate family rating and another debt rating for Black Press Ltd., the parent company of the Honolulu Star-Bulletin and newspapers on the Mainland and in Canada.

Moody’s said the corporate family rating downgrade reflects a recent deterioration in Black Press’ revenue and earnings. It said Black Press’ U.S. operations represent one-fourth of its revenues but have been impacted by economic pressures over the past year, with same-store revenues falling 12 percent in the fourth quarter.
Moody’s downgraded the rating to B1 from Ba3. Earlier this month Standard & Poor’s Ratings Services lowered its long-term corporate credit rating on Black Press to B- from B. Both ratings agencies have a negative outlook for the company.
The Star-Bulletin, along with its sister publication, MidWeek, compete for advertising and readers with The Honolulu Advertiser.