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Moody's affirms R.H. Donnelley at SGL-1
Moody's Investors Service said it affirmed R.H. Donnelley Corp.'s speculative grade liquidity rating at SGL-1, reflecting the agency's expectation that the company and its main operating subsidiaries will maintain very good liquidity over the next 12 months.
The agency estimated that R.H Donnelley will generate consolidated free cash flow in excess of $640 million during fiscal 2007 and use the proceeds for mandatory debt amortization of $313 million along with voluntary debt prepayments. While the company will likely record only modest levels of consolidated cash at the end of 2007, Moody's predicted that almost full undrawn availability under its operating subsidiaries' $375 million revolving credit facilities should provide for more-than-sufficient liquidity.
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