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S&P affirms infoGROUP
Standard & Poor's said it affirmed its ratings for infoGROUP Inc., including the BB corporate credit rating, and removed them from Creditwatch, where they were placed with negative implications on March 11.
The outlook is negative.
"The affirmation incorporates its expectation that infoGROUP's profitability and cash flow will return to close to historical levels in 2009, notwithstanding its expectation for revenue to decline in the mid-single-digit percentage area given the current economic environment," said S&P credit analyst Liz Fairbanks.
In 2008, the company incurred nonrecurring cash expenses that resulted in a deterioration of cash flow from operations to $32 million in the nine months ended Sept. 2008, from $55 million in the prior-year period, the agency said.
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