North American printing and publishing

Accuity LLC, B1; probability-of-default rating: B1; revolver and term loan, B1, LGD3, 44%.

Advanstar Communications Inc., B3; probability-of-default rating: B3; revolver and term loan, upgraded to Ba3 from B2, LGD1, 1%; senior secured second-priority notes, upgraded to B1 from B3, LGD2, 26%; senior subordinated global notes, upgraded to Caa1 from Caa2, LGD4, 69%.

ALM Media, Inc., B3; probability-of-default rating: B3; first-lien revolver and term loan, upgraded to B1 from B3, LGD3, 33%; second-lien term loan, Caa2, LGD5, 84%.

American Media Operations, Inc., Caa1; probability-of-default rating: Caa1; revolver and term loan, upgraded to B1 from B2, LGD2, 21%; notes, upgraded to Caa2 from Caa3, LGD5, 77%.

Black Press Ltd., Ba3; probability-of-default rating: B1; term loans and revolver, Ba3, LGD3, 34%.

Canon Communications, LLC, B3; probability-of-default rating: B3; revolver and term loan, upgraded to B2 from B3, LGD3, 36%.

Caribe Information Investment Inc., B2; probability-of-default rating: B2; revolver and term loan, B1, LGD3, 36%.

CBD Media Holdings LLC, B2; probability-of-default rating: B2; notes, upgraded to Caa1 from Caa2, LGD5, 89%. CBD Media LLC, revolver and term loan, upgraded to Ba2 from B1, LGD2, 13%; notes, upgraded to B2 from Caa1, LGD4, 56%.

Cenveo Corp., B1; probability-of-default rating: B1; revolver and term loan, Ba3, LGD 2, 30%; senior subordinated notes, B3, LGD 5, 82%; senior notes, downgraded to B2 from B1, LGD 4, 61%.

Clarke American Corp., B1; probability-of-default rating: B1; revolver and term loan, upgraded to Ba3 from B1, LGD3, 36%; notes, downgraded to B3 from B2, LGD5, 88%.

Cygnus Business Media, Inc., B3; probability-of-default rating: B3; delayed draw term loan, first-lien revolver and first-lien term loan, upgraded to B2 from B3, LGD3, 42%; second-lien term loan, downgraded to Caa2 from Caa1, LGD6, 91%.

R.H. Donnelley Corp., B1; probability-of-default rating: B1; notes, upgraded to B3 from Caa1, LGD6, 90%. R.H. Donnelley Inc., revolver and term loans, upgraded to Ba1 from Ba3, LGD2, 17%; notes, B2, LGD4, 62%. Dex Media, Inc., notes, B3, LGD5, 77%. Dex Media East LLC and Dex Media West LLC, revolvers and term loans, upgraded to Ba1 from Ba2, LGD2, 17%; senior unsecured global notes, B1, LGD3, 46%; senior subordinated global notes, B2, LGD4, 62%.

Endurance Business Media, Inc., B2; probability-of-default rating: B2; first-lien revolver and term loan, B1, LGD3, 38%; second-lien term loan, downgraded to Caa1 from B3, LGD5, 88%.

Freedom Communications, Inc., Ba2; probability-of-default rating: Ba3; revolver and term loans, Ba2, LGD2, 29%.

Fort Dearborn Operating Co. LLC, Inc., B2; probability-of-default rating: B2; revolver and term loan, B1, LGD3, 38%.

GateHouse Media Operating, Inc., B2; probability-of-default rating: B2; revolver and first-lien term loan, B1, LGD3, 39%.

Haights Cross Communications, Inc., Caa1; probability-of-default rating: Caa1; discount notes, upgraded to Caa3 from Ca, LGD6, 91%. Haights Cross Communications Operating Co., revolver, upgraded to B1 from B2, LGD1, 1%; second-lien term loan, upgraded to B1 from B3, LGD2, 16%; notes, Caa2, LGD4, 59%.

Hanley Wood LLC, B2; probability-of-default rating: B2; revolver, term loan and delayed draw term loan, upgraded to B1 from B2, LGD3, 38%.

Houghton Mifflin, LLC, B2; probability-of-default rating: B2; pay-in-kind notes, upgraded to Caa1 from Caa2, LGD6, 93%. Houghton Mifflin Co., revolver and senior secured notes, upgraded to Ba2 from B1, LGD1, 6%; senior unsecured notes, upgraded to B1 from B3, LGD3, 36%; senior subordinated notes, upgraded to B3 from Caa1, LGD5, 71%. HM Publishing Corp., discount notes, upgraded to Caa1 from Caa2, LGD5, 85%.

Jobson Medical Information LLC, B3; probability-of-default rating: Caa1; revolver, term loan and delayed draw term facility, B3, LGD3, 35%.

Journal Register Co., Ba3; probability-of-default rating: B1; revolver and term loan, Ba3, LGD3, 35%.

McClatchy Co., Ba1; probability-of-default rating: Ba1; revolver, term loan and notes, Ba1, LGD4, 55%.

Media General, Inc., Ba1; probability-of-default rating: Ba2.

MediaNews Group, Inc., Ba3; probability-of-default rating: Ba3; revolver and term loans, upgraded to Ba2 from Ba3, LGD3, 32%; notes, B2, LGD5, 86%.

Merrill Corp., B1; probability-of-default rating: B2. Merrill Communications, LLC, revolver and term loan, B1, LGD 3, 33%.

Morris Publishing Group, LLC, Ba3; probability-of-default rating: Ba3; revolver and term loan, upgraded to Ba1 from Ba2, LGD2, 22%; notes, B1, LGD5, 78%.

Network Communications, Inc., B1; probability-of-default rating: B1; revolver and term loan, Ba1, LGD1, 9%; notes, B2, LGD4, 60%.

Prism Business Media, Inc., B2; probability-of-default rating: B2; revolver and first-lien term loan, upgraded to B1 from B2, LGD3, 36%; second-lien term loan, downgraded to Caa1 from B3, LGD5, 87%.

SGS International, Inc., B2; probability-of-default rating: B2; revolver, term loan and acquisition facility, upgraded to Ba2 from B1, LGD2, 21%; notes, upgraded to B3 from Caa1, LGD5, 76%.

Source Media Inc., B1; probability-of-default rating: B1; revolver and term loan, B1, LGD3, 44%.

TCM Media, Inc., B2; probability-of-default rating: B2; first-lien revolver and term loan, upgraded to B1 from B2, LGD3, 39%; second-lien term loan, downgraded to Caa1 from B3, LGD5, 89%.

Visant Holding Corp., B1; probability-of-default rating: B1; notes, upgraded to B3 from Caa2, LGD5, 89%. Visant Corp., revolver and term loan, upgraded to Ba2 from B1, LGD2, 21%; notes, upgraded to B2 from B3, LGD4, 64%.

Workflow Management, Inc., B2; probability-of-default rating: B2; first-lien revolver and term loan, upgraded to Ba3 from B2, LGD2, 29%; second-lien term loan, B3, LGD5, 72%.

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