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Fitch affirms R.H. Donnelley rating, changes rating outlook

By Associated Press
May 9, 2008 | Comments (0)

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Fitch Ratings affirmed the "B+" issuer default ratings it holds for phonebook publisher and search engine operator R.H. Donnelley Corp. on Friday and said its rating outlook had been changed to "Negative" from "Stable."

Fitch said it expects to rate the amended credit facility of R.H. Donnelley Inc. "BB+/RR1," and the proposed credit facility of Dex Media West "BB+/RR1."

Fitch said R.H. Donnelley disclosed in its quarterly report on Thursday and in its conference call that it plans to amend the R.H. Donnelley Inc. credit facility and refinance the Dex Media West credit facility.

Fitch also said that the company plans to exchange about $700 million in lower interest rate senior unsecured notes outstanding for $488 million in higher interest rate notes at R.H. Donnelley Inc.

Fitch said that at the issue level, this move would be negative for R.H. Donnelley Corp. bonds because their recovery ratings have been dependent on residual asset value from R.H. Donnelley Inc.

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