'No cause for alarm'

No one at the Telegraph Group has any need to be alarmed about reports in the financial press this week that Canadian parent company Hollinger has had its credit rating cut, said managing director Jeremy Deedes.

Newspapers reported on Tuesday that Standard and Poor had cut its rating for Hollinger from BBÐ to CCC+ after a warning from the company that dividends and fees from subsidiaries had fallen short of its financial obligations.

Deedes stated that in the overall view of the group, the London newspapers, despite the current advertising climate, were doing “as the market leader should, probably a little bit better than its rivals. They have been, for some time, profitable and they will continue to be.”

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