Summary: WDAC Subsidiary Corp. - S&P Global Ratings’ Credit Research

Summary: WDAC Subsidiary Corp.

Summary: WDAC Subsidiary Corp. - S&P Global Ratings’ Credit Research
Summary: WDAC Subsidiary Corp.
Published Jul 15, 2005
1064 words — Published Jul 15, 2005
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Abstract:

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

  
Brief Excerpt:

RESEARCH Summary: WDAC Subsidiary Corp. Publication date: 15-Jul-2005 Credit Rating: B/Stable/-- Rationale The ratings on Delaware-based international publisher of classified directories WDAC Subsidiary Corp. (World Directories) reflect...

  
Report Type:

Summary

Issuer
TRUVO Subsidiary Corp.
GICS
Publishing (25401040)
Sector
Global Issuers
Country
Region
Europe, Middle East, Africa
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Summary: WDAC Subsidiary Corp." Jul 15, 2005. Alacra Store. Mar 29, 2024. <http://www.alacrastore.com/s-and-p-credit-research/Summary-WDAC-Subsidiary-Corp-451713>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: WDAC Subsidiary Corp. Jul 15, 2005. New York, NY: Alacra Store. Retrieved Mar 29, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-WDAC-Subsidiary-Corp-451713>
  
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