DBRS confirms Yellow Pages

DBRS said it confirmed the issuer rating of Yellow Pages Ltd. at B (high) and confirmed Yellow Pages Digital & Media Solution’s senior secured notes rating of BB (low) and subordinated exchangeable debentures rating of B (low).

The trend is stable.

The agency said the confirmations incorporate the appointment of a new chief executive officer, the new customer centric go-to market strategy and the refinancing of the company’s senior secured notes.

DBRS said the ratings continue to reflect Yellow Pages’ digital growth opportunity, strong brand recognition, valuable customer relationships and ability to generate cash flow.

The ratings also consider the continued erosion of the print business, intense competitive environment and sizable debt burden, the agency said.

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