Moody's: ACS Media, Caribe outlooks developing

Moody's Investors Service said it changed the outlooks of ACS Media LLC and Caribe Media Inc. (formerly Caribe Information Investment Inc.) to developing from stable following the announcement by their parent company, Local Insight Media LLC, that it executed a definitive agreement to combine its business with CBD Media Holdings LLC.

The agency affirmed the ACS Media's corporate family rating at B2 and its senior secured revolver due 2012 and senior secured term loan due 2013 at B1 (LGD3, 39%).

Caribe's B2 corporate family rating, B2 probability-of-default rating and B1 (LGD3, 36%) senior secured revolver due 2012 and senior secured term loan due 2013 were also affirmed.

The impact on the companies' capital structures is currently unclear, but Moody's said it expects to refresh the ratings once it has reviewed the combined entity's capital structure.

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