S&P rates ADS notes B-, loans BB-, B-

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Advertising Directory Solutions Holdings Inc. and assigned its B- rating to ADS Holdings' proposed $210 million senior unsecured notes due 2012. The outlook is stable.

S&P also assigned its BB- bank loan rating and 1 recovery rating to ADS' proposed first-lien $769 million term loan B due 2011 and C$75 million six-year revolving credit facility. S&P also assigned its B- bank loan rating and 5 recovery rating to the company's proposed $230 million second-lien senior secured bank loan due 2012.

"The ratings on ADS reflect its weak credit protection measures, high debt leverage and limited geographic diversity," said S&P credit analyst Lori Harris.

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