Fitch downgrades R.H. Donnelley

Fitch Ratings said it downgraded the issuer default ratings of R.H. Donnelley Corp., R.H. Donnelley, Inc., Dex Media, Inc. and Dex Media West to D from C, the issuer default rating of Dex Media East to D from CC, the senior unsecured debt of Dex Media West to C/RR4 from CC/RR3 and the bank facility of Dex Media East to CC/RR3 from CCC/RR3.

The remaining ratings were affirmed, including the holding company's C/RR6 senior unsecured notes, R.H. Donnelley, Inc.'s CC/RR3 bank facility and C/RR6 senior unsecured notes, Dex Media's C/RR6 senior unsecured notes and Dex Media West's B-/RR1 bank facility and C/RR6 senior subordinated debt.

The downgrade follows the announcement that R.H. Donnelley filed for Chapter 11 bankruptcy. The company will continue to operate its businesses during the restructuring and has stated it has sufficient cash to do so, the agency said, and R.H. Donnelley expects to have $3.1 billion in secured debt and $3.4 billion in consolidated debt after emerging from bankruptcy.

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