S&P lowers R.H. Donnelley, Dex Media

Standard & Poor's said it lowered its corporate credit rating on R.H. Donnelley Inc., Dex Media Inc. and Dex Media West LLC to D from CC.

The agency also lowered the issue-level ratings to D from C on R.H. Donnelley's 11¾% senior notes due 2015 and Dex Media's 8% senior notes due 2013 and 9% senior notes due 2013.

All other ratings, including the CC corporate credit rating on Dex Media East LLC, were affirmed.

The outlook is negative.

The agency said the rating actions stem from the company's announcement that it would not make $78 million in interest payments due May 15 on four notes issues (three of which S&P rates). This follows the missed payment of $55 million interest due April 15 on parent company R.H. Donnelley Corp.'s $1.23 billion 8 7/8% series A-4 senior notes, for which the 30-day grace period has expired.

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