Moody's lowers Truvo

Moody's Investors Service said it downgraded the corporate family rating and the probability of default rating of Truvo Subsidiary Corp. to B3 from B2; and the ratings on the €395 million and $200 million senior notes due 2014 issued by Truvo to Caa2 from Caa1.

The outlook is negative.

The agency said that this concludes the review initiated on Sept. 10 following the group's announcement of its results for the first half of 2008, which reflect deterioration in its operating performance.

Moody's noted that the weakening in the group's operating performance has been accelerating largely driven by a decline in its print directory sales - particularly in Belgium - given the worsening macroeconomic conditions in its markets, coupled with faster than expected migration to online from print.

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