Research Update: SuperMedia Inc. Downgraded To 'CCC+'; Placed On CredtiWatch Negative Nov 11

Standard & Poors, November 2011

Abstract
U.S. directory publisher SuperMedia's revenue declines continue to fall rapidly, and it is our view that the unfavorable outlook for print directory advertising will keep the business under pressure. We are lowering our corporate credit rating on SuperMedia to 'CCC+' from 'B-'. We are also revising our recovery rating on the company's debt to '5' from '4' and lowering all the issue-level ratings to 'CCC' from 'B-'. The negative CreditWatch implications reflect our view that we expect to lower the ratings upon completion of the amendment and commencement of a subpar repurchase of term debt. We would likely affirm the 'CCC+' corporate credit rating if lenders do not approve the amendment. On Nov. 4, 2011, Standard & Poor's Ratings Services...

Companies mentioned in this report are: SuperMedia Inc.
Action: Downgraded
Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

SuperMedia Inc.

Customers who bought this item also bought

• Directory of Asia Pacific Libraries 2013
• The Directory of Middle East Arabic Organizations 2013
• Directory of Middle East & North African Libraries 2013
• Singapore Defence and Security Report Q4 2011
• The Complete Learning Disabilities Directory 2013 Edition
• The Middle East Government Directory 2013
• The Irony of Free Speech
• Directory of Libraries of the Islamic World 2013
• Directory of African Libraries 2013
• US Directory Suite: Federal, Federal Regional, State, County and Municipal Directories