Research Update: Dex Media Inc. Assigned ‘B-‘ Corporate Credit Rating; Outlook Negative
2590 words — Published May 17, 2013
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About This Report
| Abstract: |
Dallas, Texas-based marketing solutions provider Dex Media Inc. is the parent of former Dex One Corp. and SuperMedia Inc., which emerged from bankruptcy protection in April 2013 and subsequently merged. We are assigning Dex Media Inc. our ‘B-‘ corporate credit rating with a negative outlook. At the same time, we are assigning Dex Media’s senior secured term loans due 2016 our ‘CCC+’ issue-level rating, with a recovery rating of ‘5’, and assigning its senior subordinated notes due 2017 our ‘CCC’ issue-level rating, with a recovery rating of ‘6’. The negative outlook reflects our expectation that ongoing annual revenue declines in the mid-teens percentage rate, and that steady EBITDA margin erosion could negatively affect the company’s creditworthiness and ability to meet
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| Brief Excerpt: |
RESEARCH Ratings Definitions PDF Research Update: Dex Media Inc. Assigned ‘B-‘ Corporate Credit Rating; Outlook Negative Publication date: 17-May-2013 Primary Credit Analyst: Minesh Patel, New York 212-438-6410; minesh.patel@standardandpoors.com…
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