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Global Credit Research - 09 Jun 2010
Approximately $695 million of asset-backed securities affected.
New York, June 09, 2010 -- Moody's placed under review for possible downgrade the notes issued
by Local Insight Media Finance LLC (the Issuer). The transaction
is a securitization of telephone directory publishing businesses (primarily
Yellow Pages) and internet-based search services of three subsidiaries
of the Issuer: CBD Media Finance LLC (CBD) with publishing rights
in the greater Cincinnati metropolitan area, ACS Media Finance LLC
(ACS) with publishing rights in Alaska, and HYP Media Finance LLC
(HYP) with publishing rights in Hawaii. Each of these businesses
operates under an exclusive right granted by the largest or incumbent
local telephone company in its region. The rated notes, which
now consist solely of Class A-2 fixed rate notes, are backed
by all of the assets of these these three entities on a senior basis.
Moody's does not rate the fixed rate subordinated Class B notes.
The complete rating actions are as follows:
Issuer: Local Insight Media Finance LLC, Series 2007-1
Cl. A-2, Baa3 Placed Under Review for Possible Downgrade;
previously on Apr 13, 2009 Downgraded to Baa3
Issuer: Local Insight Media Finance LLC, Series 2008-1
Cl. A-2, Baa3 Placed Under Review for Possible Downgrade;
previously on Jul 29, 2008 Assigned Baa3
The rating actions reflect weaker revenues and net cash flows for the
transaction. Over the 12-month period ending on March 31,
2010, total collections declined by 8.8%, with
a 9.7% decline at CBD, a 8.7% decline
at HYP and a 7.2% decline at ACS. As a result of
the revenue declines, leverage (senior debt / net cash flow) as
of March 31, 2010, was higher than expected at 7.7x.
Debt service coverage ratio (DSCR), however, was in line with
our expectations at 2.0x.
During the review period, Moody's will assess the underlying
reasons for the weakened revenues and whether economic recovery would
result in the stabilization of revenues and the corresponding improvement
in leverage. The current economic down-turn has been pressuring
advertising budgets of LIM's main customers, small and medium-sized
businesses, who were forced to cut back, discontinue or fail
to renew their advertising contracts with LIM.
Moody's analyses of whole business securitizations includes cash flow
simulation to assess the ability of the net cash flows to make timely
interest payments and ultimate repayment of the principal by the legal
maturity dates. We identify key drivers of the cash flow and estimate
their expected values over the course of the transaction as well as the
probability distribution around these values based on the analysis of
the historical performance trends. The simulated revenues are then
fed through the payment waterfall to assess performance of the notes under
different expected and stressed scenarios.
Parameters which are incorporated in projecting ongoing cash flows for
LIM include (i) annual growth/decline of revenue, (ii) the default
risk of The Berry Company (Berry), transaction's manager,
and the potential adverse impact on the cash flows, and (iv) the
adverse impact of competition from internet-based search services.
Projected revenue streams are based on historical data. A corporate
family rating of Local Insight Regatta Holdings, Inc. (rated
Caa1), the parent of Berry, is incorporated in the analysis
to derive the corresponding probability of its default. In certain
cash flow runs, a Berry default would result in a reduction of revenues
for at least two years, followed by their gradual restoration to
the previous levels.
Other methodologies and factors that may have been considered in the process
of rating this deal can also be found in the Rating Methodologies sub-directory
on Moody's website. In addition, Moody's publishes a weekly
summary of structured finance credit, ratings and methodologies,
available to all registered users of our website, at www.moodys.com/SFQuickCheck.
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
Moody's reviews Class A notes in Local Insight Media Finance securitization
No Related Data.
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