S&P affirms SEAT PagineGialle

Standard & Poor's said it affirmed the BB- long-term corporate credit ratings on SEAT PagineGialle SpA and the BB- rating on the second-lien notes issued by subsidiary Lighthouse International Co. SA and removed ratings from CreditWatch, where they were placed with negative implications on Dec. 4.

The agency assigned a BB rating to the first-lien debt issued by SEAT for €2.6 billion and a recovery rating of 2.

The outlook is negative.

S&P said the actions followed the group's recent completion of a €200 million rights issue, which was announced in December.

"We consider the timely execution and size of the rights issue as a key rating support because it should provide an adequate liquidity cushion for the group in the next few quarters, in the context of the tough operational environment for SEAT's classified directories publishing," S&P analyst Manuela Gabetta said in a statement.

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