Fitch cuts R.H. Donnelley to CC

Fitch Ratings said it downgraded the R.H. Donnelley Corp.'s issuer default rating to CC from B and senior unsecured notes to C/RR6 from CCC+/RR6, and R.H. Donnelley, Inc.'s issuer default rating to CCC from B, bank facility to B-/RR3 from BB/RR1 and senior unsecured notes to C/RR6 from B-/RR5.

The agency lowered Dex Media, Inc.'s issuer default rating to CC from B and senior unsecured notes to C/RR6 from CCC+/RR6.

Issuer default ratings of CCC reflect that default is a real possibility, while issuer default ratings of CC reflect that default of some sort appears probable, according to the agency.

R.H. Donnelley's CCC rating reflects the belief that the company will be unable to meet its heavy amortization burden in 2010 from free cash flow, making a negotiation with the banks likely, Fitch said.

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