S&P: Yellow Pages Digital notes B+

S&P said it assigned its B+ issue-level rating and 1 recovery rating to Yellow Pages Digital & Media Solutions Ltd.'s proposed C$310 million senior secured notes.

All other ratings, including the CCC issue-level rating on the company's subordinated debentures and the B- long-term corporate credit rating on Yellow Pages Ltd., are unchanged.

Proceeds are expected to be used along with cash on hand to repay its existing 9 ¼% senior secured notes. The ratings on the existing notes will be withdrawn upon closing.

“The proposed issuance does not meaningfully affect Yellow Pages' expected credit metrics and our financial risk profile assessment of highly leveraged,” S&P said in a news release.

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