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Fitch rates Donnelley notes to B-/RR6
Fitch Ratings said it assigned a B-/RR6 rating to R.H. Donnelley Corp.'s $1 billion issuance of senior unsecured notes due 2017. Fitch also upgraded Donnelley's outstanding senior debt to B-/RR6 from CCC+/RR6.
Fitch affirmed R.H. Donnelley Inc.'s bank facility at BB+ and senior debt at B+; Dex Media, Inc.'s senior debt at CCC+; Dex Media East, Inc.'s bank facility at BB+, senior unsecured debt at BB and senior subordinated debt at B-; Dex Media West, Inc.'s bank facility at BB+, senior unsecured debt at B and senior subordinated debt at B-. Fitch also affirmed all the issuer default ratings at B+.
The outlook remains stable.
Proceeds are expected to be used to fund the tender of R.H. Donnelley Inc.'s $600 million 10 7/8% senior subordinated notes due 2012, pay down bank debt at the holding company and for general corporate purposes.
The ratings reflect the company's historically stable revenue base and cash flow generation, Fitch said.
The ratings also reflect high debt loads, limited tangible asset value, recovery prospects in distress and the structural subordination present within the capital structure, according to the agency.
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