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Moody's rates Dex Media notes Caa3, loans Caa1
Moody's Investors Service said it assigned a Caa1 corporate family rating and a Caa1-PD probability of default rating for Dex Media, Inc.
The agency also assigned a Caa3 (LGD6-95%) rating to Dex Media's senior subordinated notes due 2017, a Caa1 (LGD3-45%) rating to the term loans of R.H. Donnelley Inc., Dex Media West Inc., Dex Media East Inc., SuperMedia Inc. and a SGL-2 speculative grade liquidity rating.
The outlook is negative.
The senior secured term loans are all rated Caa1 (LGD3-45%) reflecting their structural seniority to Dex Media's $220 million of senior subordinated notes. The subordinated notes are rated Caa3 (LGD6-95%) and would likely experience meaningful loss in the event of another default, Moody's said.
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