Moody's rates Dex Media West notes B1

Moody's Investors Service said it assigned a B1 rating to Dex Media West LLC's proposed $200 million issuance of senior unsecured notes due 2011. The outlook is stable.

In addition, Moody's affirmed Dex Media Inc.'s $523 million 9% senior discount notes due 2013 and $500 million 8% cash pay unsecured notes due 2013 at B3 and senior implied rating at Ba3, issuer rating at B3, Dex Media East LLC's $1.152 billion senior secured credit facility at Ba2, $450 million 9 7/8% senior unsecured notes due 2009 at B1 and $525 million 12 1/8% senior subordinated notes due 2012 at B2 and Dex Media West LLC's $2.030 billion senior secured credit facility at Ba2, $385 million 8½% senior unsecured notes due 2010 at B1 and $780 million 9 7/8% senior subordinated notes due 2013 at B2.

Moody's said the ratings continue to be pressured by Dex's high leverage, the willingness of management to effect special dividends to its sponsors, a slow but manageable erosion of yellow page usage and the prospect of heightened competition in all of Dex's markets.

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