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Fitch rates R.H. Donnelley notes BB-/RR3
Fitch Ratings said it affirmed R.H. Donnelley Corp.'s B+ issuer default rating and BB+/RR1 bank facility rating, and assigned a BB-/RR3 rating to its unsecured notes.
The agency affirmed Dex Media, Inc.'s issuer default rating at B+ and downgraded its senior unsecured notes to B-/RR6 from B/RR5.
The outlook remains negative.
Ratings consider Fitch's lowering of the distressed EBITDA multiple used in its RR analysis from 6 times to 5.5 times, according to the agency. The lower multiple reflects operating performance pressures and related contraction in market multiples.
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