Moody's: TransWestern Publishing view developing

Moody's Investors Service said it affirmed the ratings of TransWestern Publishing Inc. and changed the outlook to developing from stable.

Ratings affirmed include the $65 million senior secured first-lien revolving credit facility due 2012 at B1; $525 million senior secured first-lien term loan due 2012 at B1; $225 million senior secured second-lien term loan due 2012 at B3; senior implied rating at B1; and issuer rating at Caa1.

This action follows the company's announcement that it has retained an investment bank to explore strategic alternatives, Moody's said.

The change in outlook reflects the likelihood that TransWestern will successfully conclude a sale of the company which, in turn, will affect its credit profile.

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