Moody’s drops Solocal, PagesJaunes

Moody's Investors Service said it downgraded the ratings of Solocal Group SA, including the corporate family rating to Caa2 from B3, probability of default rating to Caa2-PD from B3-PD and the rating of the €350 million senior secured notes due 2018 issued by PagesJaunes Finance & Co. SCA to Caa2 from B3.

The outlook on all ratings is negative.

The downgrade of Solocal's ratings follows the release of preliminary financials for the year ended Dec. 31. Reported recurring post-exceptional EBITDA reduced to €221 million from €276 million due to continuing decline in print earnings and to high restructuring charges (€49 million), including a €35 million provision to cover potential additional costs relating to the 2013 Employment Safeguard Plan. Moody's adjusted gross debt to EBITDA ratio has increased to 5.3 times and is significantly above the 4.5 times downgrade trigger previously set.

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