Moody's cuts Seat Pagine Gialle

Moody's Investors Service said it downgraded Seat Pagine Gialle SpA's corporate family rating to Caa3 from Caa1 and probability-of-default rating to Caa3-PD from Caa1-PD.

The agency downgraded the company's €750 million senior secured bonds due 2017 and €65 million senior secured stub bonds due 2017 to Caa3 from Caa1.

All ratings were placed under review for further downgrade.

The action follows the company's plans to suspend interest payment for €42.2 million on the senior secured bonds due Jan. 31, according to the agency.

The board of directors launched an assessment of the ongoing validity of the assumptions underlying the recent debt restructuring completed on Sept. 6 and expects to meet again by Feb. 6, which is the next interest payment date on the bank debt, the agency noted.

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