New York, October 19, 2015 -- Moody's Investors Service ("Moody's") downgraded Dex Media, Inc.'s ("Dex Media" or "the company") Corporate Family Rating to Caa3 from Caa1, its Probability of Default Rating to Caa3-PD from Caa1-PD, its subordinated notes to Ca from Caa3 and lowered its Speculative Grade Liquidity ("SGL") rating to SGL-4 from SGL-2. Moody's also downgraded the senior secured term loans at SuperMedia Inc, R.H. Donnelley Inc., Dex Media West, Inc., and Dex Media East, Inc. to Caa3 from Caa1. This rating action follows Dex Media's decision to not make its September 30, 2015 scheduled interest payment on its senior subordinated notes as the company's senior lenders come together to discuss a restructuring. Dex Media has until October 30 to make the missed interest payment before it triggers an event of default under the indenture. We note that the probability of default rating could be changed to "D" or appended with an "LD", denoting a default or a limited default, based on developments during the 30-day grace period and the resolution of the missed interest payment on the subordinated notes. The rating outlook remains negative.

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