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S&P cuts Dex One
Standard & Poor's said it lowered the ratings on Dex One Corp. and related entities to B- from B.
The outlook is negative.
S&P lowered the issue-level rating on Dex Media East's $753 million outstanding term loan and Dex Media West's $640 million outstanding term loan to B-. The recovery ratings remain at 4, indicating average (30% to 50%) recovery for lenders in the event of a payment default.
S&P revised the issue-level rating on R.H. Donnelley Inc.'s $981 million variable-rate term loan due 2014 to B- from B. The recovery rating on this loan is 4, indicating average (30% to 50%) recovery for lenders in the event of a payment default.
S&P lowered the rating on Dex One's subordinated $300 million of notes due 2017 to CCC from CCC+. The recovery rating remains at 6, indicating negligible recovery (0%-10%) in the event of a payment default.
The ratings reflect the view that Dex One's business will remain under pressure, given the unfavorable outlook for print directory advertising and weakening economy, the agency said.
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