Moody's changes Project Sunshine outlook to negative

Moody's Investors Service said it changed the outlook on Project Sunshine IV Pty. Ltd.'s B2 corporate family rating to negative from stable and assigned a B2 rating to the company's upsized $450 million senior secured term loan B. The facility amount supersedes the previous amount of $315 million.

Project Sunshine is the 100% owner of Sensis Pty. Ltd.

The increase in the term loan was used to fund a distribution to equity holders.

The agency said the negative outlook considers a more aggressive dividend policy relative to its previous expectation and the increased risk that the company may be unable to deleverage as previously expected. As a result, maintenance of an acceptable financial profile in order to offset the risks associated with an industry in material decline, print and digital directories, will be more challenging, Moody’s said.

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