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Moody's cuts Seat Pagine
Moody's Investors Service said it downgraded to Caa3 from Caa1 the corporate family and the probability of default ratings of Seat Pagine Gialle SpA.
The agency also said it downgraded to Caa1 from B3 the rating on its €550 million of senior secured notes due 2017 and to Ca from Caa2 the rating on the €1.3 billion of 8% senior notes due 2014 issued by Lighthouse International Co. SA.
The outlook remains negative.
The downgrades follow news that the company had appointed financial advisors to explore financial options to ensure a long-term stabilization of the company's financial structure.
It also reflects a view that the company is highly likely to implement a material debt restructuring exercise within the next 12 months, the agency said.
During the past two quarters, the company's liquidity profile has deteriorated, Moody's said.
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