Moody's reviews Truvo

Moody's Investors Service said it placed the B2 corporate family and probability-of-default ratings of Truvo Subsidiary Corp. on review for downgrade following the group's results for the first half, which reflect deterioration in its operating performance.

Also on review are the Caa1 ratings of the €395 million senior notes due 2014 and the $200 million senior notes due 2014.

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

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