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Research Update: SuperMedia Inc. Downgraded To 'CCC+'; Placed On CredtiWatch Negative Nov 11
Standard & Poors, November 2011
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: 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.