S&P ups Dex East loan

Standard & Poor's said it raised its senior secured bank loan rating for Dex Media East LLC (Dex East) to BB from BB- and assigned its recovery rating of 1 to the company's original $1.5 billion credit facility.

The upgrade and the recovery rating reflect improved prospects for full recovery of principal in a simulated payment default scenario following meaningful levels of debt repayment since the facility's November 2002 issuance date, S&P said.

In all, Dex East has repaid almost $500 million of its term A and term B loans, reducing the total outstanding facility, including the $100 million revolver, to just under $1 billion as of March. At the same time, S&P affirmed its other ratings on the company, including the BB- corporate credit rating.

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