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Research Update: U.K.-Based Directories Publisher Yell Group Downgraded To 'SD' On Below-Par Debt Buyback Jan 12 Product Image

Research Update: U.K.-Based Directories Publisher Yell Group Downgraded To 'SD' On Below-Par Debt Buyback Jan 12

  • Published: January 2012
  • Region: United Kingdom, Great Britain
  • Standard & Poors

Abstract
U.K.-based directories publisher Yell Group PLC (Yell) completed its first below-par repurchase of term debt on Jan. 19, 2012, as permitted under its 2009 amended and restated credit agreement. Under our criteria, we consider the repurchase to be tantamount to a distressed exchange offer and therefore a default. We are therefore lowering our long-term corporate credit rating on Yell to 'SD' (Selective Default) from 'CC'. We believe that the company will continue to repurchase debt over the medium term, as permitted by the amended and restated credit agreement. On Jan. 19, 2012, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on U.K.-based classified directories publisher Yell Group PLC (Yell) to 'SD' (Selective Default) from 'CC'. The downgrade...

Companies mentioned in this report are: Yell Group PLC
Action: Downgraded

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Yell Group PLC

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