Yellow Pages Limited: Rating Report

DBRS Limited (DBRS) confirmed the Issuer Rating of Yellow Pages Limited at B (high). DBRS also confirmed Yellow Pages Digital & Media Solution’s (together with Yellow Pages Limited, Yellow Pages or the Company) Senior Secured Notes rating of BB (low) and Subordinated Exchangeable Debentures rating of B (low). All trends are Stable. The confirmations incorporate the appointment of a new Chief Executive Officer (CEO), the new customer centric go-to market strategy and the refinancing of the Company’s Senior Secured Notes. 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.