Moody's cuts Ad Directory second lien to B3

Moody's Investors Service said it lowered the second-lien senior secured rating for Advertising Directory Solutions Inc. to B3 from B2 and affirmed all other ratings and the outlook of the company and its parent, Advertising Directory Solutions Holdings Inc.

Among the ratings actions, Moody's affirmed Advertising Directory Solutions Holdings Inc.'s senior implied rating at B2; $170 million (decreased from $210 million originally expected) senior unsecured debt due November 2012 at Caa1; issuer rating of Caa1; and speculative grade liquidity rating of SGL-2.

Moody's said this action is based upon a change in the structure of the financing originally contemplated in Moody's prospective ratings released Oct. 15 in which the amount of the second-lien debt has been increased by $40 million, the amount of the senior unsecured debt at Advertising Directory Solutions Holdings has been decreased by $79 million, and the equity contribution has been decreased.

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