DBRS confirms Yellow Media

DBRS said it confirmed Yellow Media Inc.'s medium-term notes at BBB (high), exchangeable subordinated debentures at BBB and commercial paper at R-1 (low) following the announcement that it has reached an agreement with Apax Partners to sell the automotive assets of Trader Corp. for a purchase price of C$745 million.

The trend is stable.

The agreement includes the sale of Trader's print and online automotive businesses and its 30% stake in Dealer.com.

The ratings consider an acceleration of the company's goal to improve its financial risk profile as proceeds from the sale will be used to reduce debt, Yellow Media's leading position in directories and the sector's significant risks, the agency said.

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