Fitch: R.H. Donnelley unaffected

Fitch Ratings said R.H. Donnelley Corp. announced it lowered its guidance for 2008 and that it would not initiate a dividend in order to apply all cash flow toward debt repayment.

The agency said operating softness is not a significant concern because it expected secular shifts and cyclical pressures could weigh on revenue growth. There are very few potential catalysts to offset revenue pressure, Fitch said.

Ratings reflect the company's cash flow generating capacity, the agency said. Stability is supported by high recurring revenue, the contractual nature of the company's revenues and solid geographic and client diversity, Fitch added.

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