Moody's lowers SuperMedia

Moody's Investors Service said it changed the corporate family rating for SuperMedia Inc. to Caa1 from B3.

Moody's said the downgrade reflects its belief that revenues will continue to decline at a double-digit rate for the foreseeable future, leading to a steady decline in free cash flow. According to the agency, SuperMedia's sales were down 17% for the second quarter of 2011, in a generally improving advertising sector.

The outlook remains negative.

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