SEAT PagineGialle Rating Raised To 'B-' From 'CCC' On Improved Financial Metrics After Restructuring; Outlook Negative Oct 12
- Language: English
- Published: October 2012
The ratings on TDL Infomedia Holdings PLC (TDL) and related entities reflect the group's position as the number-two publisher of classified telephone directories in the U.K., with an estimated market share of 16%, tempered by a highly leveraged capital structure and a narrow cash flow base. TDL continues to function as an autonomous business, with limited operational and financial support from its parent SEAT-Tin.it (SEAT) of Italy, the classified directories and Internet services arm of Telecom Italia Group SpA (BBB+/Watch Pos/A-2). Despite the absence of formal management links between TDL and its parent, 100% ownership by SEAT is expected to provide medium- to long-term benefits to TDL's business and financial position. As a diversified provider of business services, including directories,...
Companies mentioned in this report are: TDL Infomedia Holdings PLC
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TDL Infomedia Holdings PLC