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S&P downgrades R.H. Donnelley
Standard & Poor's said it lowered R.H. Donnelley Corp.'s corporate credit rating to BB- from BB, as expected, following the company's announcement that it has completed the acquisition of Dex Media Inc. S&P also lowered R.H. Donnelley Inc.'s subordinated debt rating to B from B+ and the recovery rating on its BB senior secured debt rating to 1 from 3.
R.H. Donnelley Inc.'s senior secured debt rating remained one notch above the corporate credit rating at BB to reflect its full recovery prospects.
All ratings were removed from CreditWatch with negative implications.
S&P affirmed all ratings on the Dex family of companies, including the BB- corporate credit rating, B senior unsecured debt rating, BB senior secured debt rating and B subordinated debt rating.
The outlook is stable.
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