Moody's rates WDAC notes Caa1, World Directories loans B2

Moody's Investors Service said it assigned ratings to WDAC Subsidiary Corp., including a prospective Ba2 senior implied rating, prospective Caa2 unsecured issuer rating and prospective Caa1 on WDAC's €545 million of senior notes due 2014 and prospective B2 to World Directories' €1.22 million senior credit facilities due 2013. The outlook is stable.

Moody's said these ratings are prospective, assuming the planned financing associated with the pending acquisition of World Directories by Apax Partners and Cinven Capital Partners is completed.

Moody's said the ratings are supported by World Directories' leading market positions, including dominant shares in three of its markets, high customer retention rates, high barriers to entry for the directory publishing business in general and the expectation that the company will be able to generate solid free cash flow to service its debt.

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