The ratings on Delaware-based international publisher of classified directories WDAC Subsidiary Corp. (World Directories) reflect the group's very aggressive financial leverage profile resulting from the acquisition of World Directories by funds advised by Apax Partners Worldwide LLP and Cinven Ltd. from VNU N.V. (BBB/Stable/A-2). The group is heavily reliant on the continuing stability of its cash-generative classified directory businesses in Belgium and Ireland, as well as on revenue stabilization in the more challenging markets of Portugal and The Netherlands. With initial lease- and pension-deficit-adjusted gross debt of about €1.65 billion--or close to 8x the annual EBITDA base--World Directories will need to apply substantially all of its free cash flow to debt reduction. The group is expected to decrease its gross