Moody's rates Project Sunshine loan B2

Moody's Investors Service said it assigned a definitive B2 corporate family rating to Project Sunshine IV Pty. Ltd.

At the same time, the agency assigned a definitive B2 long term rating to the company' s $315 million term loan facility.

The outlook is stable.

"The B2 ratings primarily reflect the weak operating profile and structural decline of the industry sector in which Sensis operates, namely print and digital directories. Notwithstanding the material challenges in Sensis' operating environment and inevitable sectoral shift, the ratings are underpinned by Project Sunshine's good projected financial profile with low initial financial leverage and good levels of free cash flow, allowing for rapid paydown of debt," Moody's senior vice president Ian Lewis said in a news release.

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