Standard & Poor's Ratings Services has put ratings for Gannett Co. on “CreditWatch,” and may also downgrade the U.S. newspaper company, MarketWatch reported Wednesday.

The action is due to a “worsening pace of decline in advertising revenue,” S&P stated.

However, Gannett has responded that “underlying fundamentals remain strong and we continue to be a solid investment grade company,” Craig Dubow, Gannett chairman, said in a statement. The creditwatch comes at a time when when several U.S. banks have collapsed, and Wall Street is seeing its most tumultuous time since the Great Depression, according to MarketWatch.

Gannett has “covered all of its outstanding commercial debt obligations by partially drawing on its committed revolving credit facilities ... seeing weeks ago that the credit market was being disrupted,” MarketWatch reported.

Gannett shares rose 14 cents, a 0.8 percent gain, to close at US$17.05.