The McClatchy Co. has sold its waterfront property in downtown Miami for $236 million, as the newspaper publisher divests some real-estate assets to bolster its financial health.

McClatchy, which is the parent corporation of The News & Observer, will use most of the money to fund its pension plan. That will free up more future profits to continue repaying the company's massive debt.

Bond-rating agency Moody's raised its outlook on McClatchy's $1.75 billion of debt to positive from stable after the news.

And McClatchy's shares rose 19 cents to $2.95 today. The stock is still down 37 percent this year.

McClatchy sold the Miami property to Genting, a Malaysian-based developer of casinos and resorts.