DBRS Morningstar Discontinues Ratings on Yellow Pages Limited and Yellow Pages Digital & Media Solutions Limited

DBRS Limited (DBRS Morningstar) discontinued the Issuer Rating of Yellow Pages Limited (the Company) as well as the Senior Secured Notes and Subordinated Exchangeable Debentures ratings of Yellow Pages Digital & Media Solutions Limited, the Company’s wholly owned subsidiary.

DBRS Morningstar discontinued and withdrew the Company’s Issuer Rating of B (high) with a Stable trend and its subsidiary’s Subordinated Exchangeable Debentures rating of B (high) with a Stable trend and a recovery rating of RR4 at the Company’s request and not because of credit risk. DBRS Morningstar discontinued the subsidiary’s Senior Secured Notes rating of B (high) with a Stable trend and a recovery rating of RR2 because all outstanding debt has been repaid.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
The principal methodologies are Rating Companies in the Publishing Industry, DBRS Criteria: Recovery Ratings for Non-Investment Grade Corporate Issuers, DBRS Morningstar Criteria: Guarantees and Other Forms of Support, and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships, which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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