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MEDIA
Gannett's Ratings Cut 2 Levels
Standard & Poor's Ratings Services cut the long-term credit ratings of Gannett, the publisher of USA Today, by two notches to near-junk status, reflecting the advertising slowdown. The agency lowered its long-term corporate credit rating and senior unsecured debt rating to "BBB-" from "BBB+" and the short term rating to "A-3" from "A-2."
Late Monday, Moody's Investors Service also downgraded Gannett's senior unsecured rating by two notches to a "Baa2" grade.
EXECUTIVES
Carlyle Hires Financial Adviser
Carlyle Group, the world's second-largest private-equity firm, hired Christopher Dodds, a former Charles Schwab finance chief, to help find and evaluate investments.
Dodds started Nov. 1 as senior adviser to the District firm's global financial services group, Carlyle said. He will also consult with financial services companies Carlyle owns. Carlyle manages assets of $89.3 billion.
Change at Constellation Energy
Constellation Energy Group announced that Kathleen Hyle, a senior vice president, has been named chief operating officer of the company's commercial business and will lead its new management team.
Since the energy supplier recently accepted a $4.7 billion buyout offer from Warren E. Buffett's MidAmerican Energy Holdings, the company has been reshaping the business.
CREDIT
Allied Capital Downgraded
Moody's Investors Service lowered a key debt rating on Allied Capital in response to investment losses that have eaten away at the firm's capital cushion.
Moody's on Monday cut its rating on the District firm's senior unsecured debt to "Baa3," the lowest investment-grade rating on Moody's scale. It also placed Allied Capital's ratings under review for possible further downgrade.
FINANCING
Legg Mason Healthy, CEO Says
Legg Mason of Baltimore has enough capital to support money funds hurt by losses on mortgage-backed debt, chief executive Mark Fetting said. "We feel strongly that with $2.5 billion of free-and-clear cash, we are well-positioned to work through with our existing capital," Fetting said.
Compiled from reports by Washington Post staff writers, Associated Press, Bloomberg.
