Fitch Publishes Full Report on R.H. Donnelley Corp

Business Wire, Feb 11, 2008

CHICAGO -- Fitch has published a full report on R.H. Donnelley Corp and subsidiaries R.H. Donnelley, Inc. (RHDI), Dex Media, Inc. (DXI), Dex Media East (DXE) and Dex Media West (DXW).

Given weakness in the company's stock price, Fitch believes management will continue to balance debt repayment with returns of capital to shareholders, including the recently instituted dividend and stock buyback. Fitch also expects leverage levels will remain above management's stated target of 5.5 times (x)-6x for the next three to five years. There has been and remains moderate capacity for some sustained top line revenue softness and modest additional shareholder friendly actions incorporated into the Issuer Default Rating (IDR). The Rating Outlook remains Stable.

Fitch currently rates RHD and its subsidiaries as follows:

R.H. Donnelley Corp. (RHD Holding Company)

--Issuer Default Rating (IDR) 'B ';

--Senior unsecured 'B/RR5'.

R.H. Donnelley Inc. (Operating Company; subsidiary of RHD)

--IDR 'B ';

--Bank facility 'BB /RR1'.

Dex Media, Inc. (Dex Holding Company; subsidiary of RHD)

--IDR 'B ';

--Senior unsecured 'B/RR5'.

Dex Media East, Inc. (Operating Company; subsidiary of Dex)

--IDR 'B ';

--Bank facility 'BB /RR1'.

Dex Media West, Inc. (Operating Company; subsidiary of Dex)

--IDR 'B ';

--Bank facility affirmed at 'BB /RR1';

--Senior unsecured 'BB /RR1';

--Senior subordinated 'B/RR5'.

For further information, see Fitch's 15-page report dated February 11, 2008 available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.