R.H. Donnelley Downgraded by Moody’s

Moody’s downgraded R.H. Donnelley’s Corporate Family Rating today to Caa1 and its Probability of Default Rating to Caa2. That latter rating “reflects Moody’s concern that a pre-packaged bankruptcy, distressed exchange and/or other restructuring measures likely represent the optimal solution to re-align the company’s over-leveraged balance sheet,” and that market conditions may now be ripe for the same.

The downward spiral continues.

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