CHICAGO The McClatchy Co.'s bonds slid from investment grade into relatively deep junk status as Standard & Poor's Ratings Services (S&P) downgraded the nation's third-biggest newspaper chain two steps to "BB-plus." S&P's "BB-plus" rating judges a company's debt to have "significant speculative characteristics." S&P had rated McClatchy bonds an investment grade "BBB," but last month issued a credit watch and suggested it could downgrade its bonds by one step. The deeper ratings cut followed McClatchy's announcement last week that first-quarter profits declined 67%, and that revenues were down 5% on a same-property basis. The S&P downgrade will increase McClatchy's interest...