DBRS Discontinues Stability Rating of Yellow Pages Income Fund

DBRS has discontinued the STA-2 (high) stability rating of Yellow Pages Income Fund (the Trust) following the Trust’s conversion to a corporation today in which Yellow Media Inc. (Yellow Media or the Company) has become the surviving corporate entity. This conversion was accomplished by way of a Plan of Arrangement in which the Trust received a final court order in recent days.

With the conversion to a corporation, Yellow Media is now the equity-listed entity in addition to being the debt issuer. Yellow Media’s operations of its Directories and Vertical Media businesses are unaffected by this conversion.

Furthermore, DBRS notes that Yellow Media’s short- and long-term debt ratings, R-1 (low), BBB (high) and BBB, along with its preferred shares rating of Pfd-3 (high), are unaffected by the conversion to a corporation.

Note:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Income Funds, which can be found on our website under Methodologies.