S&P rates World Directories loans B, notes CCC+

Standard & Poor's said it assigned its B long-term corporate credit rating to WDAC Subsidiary Corp. The outlook is stable.

At the same time, S&P assigned its B debt rating to the proposed €1.215 billion senior secured term loan facilities, to be issued by entities guaranteed by World Directories. A CCC+ debt rating was also assigned to the proposed €545 million, second-ranking senior notes, due 2014 to be issued by World Directories.

S&P said the ratings reflect a very aggressive financial leverage profile resulting from the acquisition of World Directories by funds advised by Apax Partners Worldwide LLP and Cinven Ltd. from VNU NV (BBB/stable/A-2).

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