Portfolio of well-established classified directory businesses; Stable, cash-generative characteristics of classified directory publishing; and Experienced management team. Very high level of financial leverage; Recent declining revenue and profit trends in the country franchises, contributing close to one-third of operating cash flows; Accounting complexity of consolidating jointly controlled entities; and High levels of mandatory debt repayments in 2006 and 2007 relative to free operating cash flows. 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/Watch Neg/A-2). The group is heavily reliant on the continuing stability of