S&P lifts Yellow Pages exchangeables

S&P raised its issue-level rating on Yellow Pages Ltd.'s 8% senior subordinated exchangeable debentures to B- from CCC.

S&P also revised its recovery rating on the debentures to 3 from 6, and affirmed all other ratings on Yellow Pages, including its B- long-term issuer credit rating.

The outlook is stable, S&P said in a news release, reflecting the expectation that the company will continue to generate positive free cash flows in the next 12 to 18 months, allowing it to repay debt and cover its fixed charges.

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