New York, September 23, 2015 -- Moody's Investors Service affirmed the B1 Corporate Family Rating (CFR) of Tribune Publishing Company and changed the outlook to negative. The action follows management's revised earnings outlook due to materially weaker performance at its Los Angeles newspaper. Though we view recent management changes as positive for the California News Group, we note that a weak national print advertising market combined with the need to implement operational improvements in Southern California will place the company's operating performance under pressure. Though Tribune Publishing affirmed its intention to maintain its credit profile in line with Moody's B1 CFR expectations, limited earnings visibility has been provided for 2016, and Moody's will look for management to deliver on its operating performance expectations in order to stabilize the rating.

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