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S&P: Donnelley unaffected
Standard & Poor's said its rating and outlook on R.H. Donnelley Corp. (BB-/stable) are not currently affected by the company's announcement that it would pay dividends in April, expected to be 25% of free cash flow.
The agency said that while the dividend payout represents a more aggressive financial policy regarding leverage, it removes some uncertainty regarding the manner and timing of future capital actions.
Donnelley's total debt-to-EBITDA ratio is expected to be in the high 6 times area at the end of 2007, S&P said.
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