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S&P downgrades SuperMedia
Standard & Poor's said it lowered the corporate credit rating on SuperMedia Inc. to CC from CCC+.
The ratings also were removed from CreditWatch, where they were placed with negative implications on Nov. 4.
The outlook is negative.
The agency also said it lowered the ratings on the company's secured debt to C from CCC. The recovery rating remains unchanged at 5, indicating 10% to 30% expected recovery in a default.
The downgrades reflect the company's amendment, which allows for subpar repurchases of its term debt. The amendment suggests a high probability of a subpar buyback, the agency said.
The company's debt leverage and poor operating outlook are indications of financial distress, S&P said.
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