Message #1 From:
Stock News Bot Date: March 15, 2007 09:56:00 AM
RHD News Fitch: Covenant and Recovery Analysis for R.H. Donnelly Corp. and Subsidiaries
NEW YORK--(BUSINESS WIRE)--Fitch Ratings has published a credit analysis for R.H. Donnelly Corp. (NYSE: RHD) and its subsidiaries, providing an in-depth analysis of the company's covenant protections and recovery prospects in the event of default.
Fitch Ratings affirmed RHD's issuer default rating (IDR) at 'B+' and upgraded the ratings on several securities within RHD's capital structure on March 6, 2007. Fitch also upgraded Dex Media West, Inc.'s (DXMW) senior unsecured notes to 'B' from 'B-'. The upgrades reflect Fitch's expectations regarding enhanced recovery prospects for those securities. The Rating Outlook is Stable.
The secured lenders to RHDI, DXMW and Dex Media East, Inc. (DXME) have a strong covenant package, as expected for leveraged loan facilities of this size. The facilities contain financial covenants, change of control provisions, additional debt restrictions, limitation on asset sales, restricted payments tests, limitation on liens, cross-default and mandatory prepayments among other protections. Fitch's report provides a detailed comparison and analysis of the key credit facilities and indentures.
The full Credit Analysis for R.H. Donnelly Corp. is available at www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
