S&P downgrades SuperMedia

Standard & Poor's said it lowered its corporate credit rating on SuperMedia Inc. to CCC from CCC+. The outlook remains negative.

"The downgrade reflects our view that the company has sufficient lender support to effectively pursue a pre-packaged reorganization," said S&P credit analyst Chris Valentine in a news release.

The downgrade also reflects the agency's expectation, given the large lender group and the diversity of lender interests, that the company may not get support from all of its lenders to amend its credit agreement out-of-court. If SuperMedia files for bankruptcy, S&P said it would lower its corporate credit rating to D and reassess the corporate credit rating, business risk, and financial risk of the combined company after emergence.

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