Page 1

Tuesday, 19 March 2013

SUPERMEDIA INC.

MORE Credit Rating

C

D

CC CCC

B

BB BBB

A

AA AAA

key

If you want to know more, ASKMORE modeFinance’s credit report.

TM

Almost every day millions of people around the world are wondering the real creditworthiness of the companies with which they are in business. Every day these questions remain unanswered. modeFinance now aims to answer these questions in a simple, complete and immediate way. TM

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SUPERMEDIA INC.

Identification number

Not available

Country

United States of America

ZIP code and city

75261 - DALLAS FORT WORTH AIRPORT

Address

P.O. BOX: 619810 +1 972 453 7000 www.supermedia.com Not available

Legal form

Not available

Account

Consolidated

Incorporation date

2006

NACE 2 Sector

7311 - Advertising agencies

TM

ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.

ASKMORE

Company name

Listed Status

Active

MORE Credit limit

4,000,000 e

plans 3 types of reports:

Turnover (th e) Rating s-peek

TM

ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making. It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis. This report type is ideally suited for decisions on transactions with each level of credit risk.

31/12/2010

31/12/2009

1,269,032

879,648

1,743,717

CCC

CC

BB

16.00%

42.00%

1.20%

78%

78%

78%

-3.07

-98.53

18.17

0.67

0.99

1.06

Current Ratio

1.84

1.62

2.84

Quick Ratio

1.84

1.62

2.84

Probability of default

Plus

Basic

31/12/2011

Confidence Level

TM

Solvency ratios Leverage ratio Total asset/Total liabilities Liquidity ratios

Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%) Asset turnover

-

-

-

-97.84

-653.33

4,128.50

1.01

0.40

0.66

Interest paid weight Gross Profit/Operating revenue

-

-

-

0.75

0.64

0.77

-

-

-

Interest Coverage ratios EBIT interest coverage ratio

Analysis and trend of financial strength

modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM

key askMORETM is a registered mark of modeFinanceTM

MORE Credit Rating

D not available

non return

C

CC

extremly pathological pathological

CCC

B

BB

BBB

A

AA

AAA

high danger

weak

sufficient

adequate

good

very strong

extremely strong


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Sector Analysis Company

Healthy

Balanced

Vulnerable

Risky

Solvency ratios Leverage ratio

-3.07

0.78

3.12

8.81

-2.78

Total asset/Total liabilities

0.67

2.28

1.32

1.07

0.95

Current Ratio

1.84

2.09

1.24

1.02

0.89

Quick Ratio

1.84

2.07

1.20

1.00

0.86

-

22.18

7.75

1.05

-9.41

-97.84

28.43

22.29

-1.50

-107.90

1.01

2.09

2.17

1.86

2.03

-

0.00

0.03

0.02

-0.06

0.75

0.34

0.22

0.15

0.22

-

507.50

24.87

1.14

-13.70

Liquidity ratios

Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%) Asset turnover Interest paid weight Gross Profit/Operating revenue Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days) Days Sales Of Inventory (DIO)

0

4

7

10

9

Days Sales Outstanding (DSO)

33

61

72

76

80

Days Payable Outstanding (DPO)

0

22

40

53

54

Cash Conversion Cycle (DIO + DSO - DPO)

33

41

38

26

36

-

690

1,591

722

186

CCC

A

BB

B

CC

Numer of analyzed companies (Average) Rating

The sector has been chosen according to: international companies in the sector NACE 2 7311 with financial data of year 2011.

modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

key

Sector Analysis - Graphs

modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

AA AAA


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

C

D

CC CCC

B

BB BBB

A

AA AAA

key

Balance Sheet BALANCE SHEET (th e)

31/12/2011

31/12/2010

31/12/2009

Accounting practice

Local GAAP

Local GAAP

Local GAAP

0.7729

0.748

0.6942

12

12

12

1,262,076

2,188,648

2,661,390

928,974

1,742,840

1,737,470

810,727

1,636,624

1,611,134

Tangible fixed assets

54,100

68,068

74,275

Other fixed assets

64,147

38,148

52,062

333,101

445,808

923,920

0

0

0

Debtors

113,610

157,080

221,435

Other current assets

219,491

288,728

702,485

69,557

130,152

147,161

-609,012

-22,440

138,831

0

0

0

-609,012

-22,440

138,831

Total liabilities

1,871,087

2,211,088

2,522,559

Non current liabilities

1,690,239

1,935,076

2,197,001

Long term debt

1,345,544

1,623,908

1,908,926

344,694

311,168

288,074

180,849

276,012

325,559

3,091

0

0

0

0

0

177,757

276,012

325,559

1,262,076

2,188,648

2,661,390

31/12/2011

31/12/2010

31/12/2009

Exchange rate USD - EUR Number of months Total assets Fixed assets Intangible fixed assets

Current assets Stocks

Cash & cash equivalent Shareholders funds Capital Other shareholders funds

Other non-current liabilities Current liabilities Loans Creditors Other current liabilities Total shareh. funds & liab. NET DEBT (th e) Short term debts Long term debt

3,091

0

0

1,345,544

1,623,908

1,908,926

Cash & cash equivalent Net debt

69,557

130,152

147,161

1,279,079

1,493,756

1,761,765

31/12/2011

31/12/2010

31/12/2009

Working capital Net Current Assets

-

-

-

152,253

169,796

598,362

31/12/2011

31/12/2010

31/12/2009

Days Sales Of Inventory (DIO)

0

0

0

Days Sales Outstanding (DSO)

33

65

46

Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)

modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM

0

0

0

33

65

46

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

C

D

CC CCC

B

BB BBB

A

AA AAA

key

Income Statement INCOME STATEMENT (th e)

31/12/2011

31/12/2010

31/12/2009

Accounting practice

Local GAAP

Local GAAP

Local GAAP

0.7729

0.748

0.6942

12

12

12

Exchange rate USD - EUR Number of months Sales

1,269,032

879,648

1,743,717

44

-50

-

0

0

0

Operating revenue / turnover

1,269,032

879,648

1,743,717

Total operating costs

1,711,879

944,724

1,211,995

Costs growth (%)

81

-22

-

Service costs

-

-

-

Material costs

-

-

-

Costs of employees

-

-

-

465,260

74,052

578,925

Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized

EBITDA Depreciation EBIT Financial P/L

908,107

139,128

47,203

-442,847

-65,076

531,723 5,459,529

-105,109

-161,568

Financial revenue

-175,439

-207,944

-100,652

Financial expenses

-70,330

-46,376

-5,560,182

-

-

-

-547,956

-226,644

5,991,252

-

-

-

Extr. and other revenue

-

-

-

Extr. and other expenses

-

-

-

-

-

-

47,917

-80,036

259,614

-595,873

-146,608

5,731,638

31/12/2011

31/12/2010

31/12/2009

Interest paid P/L before tax Extr. and other P/L

P/L before tax + Extr. and other P/L Taxation P/L for period

Costs of Good Sold

315,326

312,664

403,304

Gross Profit

953,706

566,984

1,340,413

1,396,553

632,060

808,691

Other Operating Expenses

31/12/2011 Cash flow Added value

5,778,841

-

-

-

3,400

modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM

31/12/2009

-7,480

31/12/2011 Number of employees

31/12/2010

312,234

31/12/2010

31/12/2009

4,400

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

5,500


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

key

Evolutions and trends

modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

AA AAA


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Qualitative information Full overview

The company, formerly Idearc Inc., is engaged in the provision of media advertising programs in the United States. It conducts its business from its registered head office located in DFW Airport, Texas. It was incorporated in the year 2006. The company publishes SuperYellowPages, the print directories, which offer a range of paid advertising options, such as listing options, in - column advertising options, display advertising options, and specialty advertising, as well as white pages directories. It also operates Superpages. com, an online local search site that provides advertisers fixed - fee and performance - based advertising options. In addition, the company offers direct mailers under SuperpagesDirect name; and Superpages Mobile, an information source for wireless subscribers. Further, it operates as an official publisher of print directories.

History

Not available.

Primary business line

Engaged in the provision of media advertising programs in the United States.

Secondary business line

Not available.

Main activity

Services.

Secondary activity

Not available.

Main products and services

Media advertising programs.

Size estimate

Not available.

Strategy, organization and policy

Not available.

Strategic alliances

Not available.

Membership of a network

Not available.

Main brand names

Not available.

Main domestic country

United States of America.

Main foreign countries or regions

Not available.

Main production sites

Not available.

Main distribution sites

Not available.

Main sales representation sites

Not available.

Main customers

Not available.

modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Auditor/Advisor/Bank name

type

address

ERNST & YOUNG LLP

Auditor

-

Computershare Trust Company

Transfer Agent

-

Board name

date of birth

nationality

function

Mr. Mr. Mr. Mr.

Douglas D Wheat Thomas S Rogers Edward J Bayone Robert Charles Blattberg

19/10/1942

-

Independent Chairman of the Board Independent Vice Chairman of the Board Independent Director Independent Director

Mr. Mr. Mr. Mr.

Charles B Carden Thomas D Gardner Peter Jude McDonald John Slater

28/10/1950 -

-

Independent Director Independent Director President, Chief Executive Officer, Director Independent Director

Sharehoders (the first twenty shareholders ordered by Direct %) Rating:

PAULSON & CO. INC. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available

US

Operating Revenue (MIL $)

16.62

Total Assets (MIL $) Number of Employees Information date

75 2012/06

Rating:

BENNETT JAMES DONALD via its funds Country ISO code NACE Rev. 2, Core code Direct %

US -

Total % Address : Not available

12.49

Information date

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees

US 9.96 -

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

2012/06

Rating:

HAYMAN CAPITAL MANAGEMENT LP Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available

11.8

modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

0 2012/12


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Rating:

SCHULTZE ASSET MANAGEMENT, LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available

US 8.95

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

CA

Operating Revenue (MIL $)

Rating:

WEST FACE CAPITAL INC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available

6.03

Total Assets (MIL $) Number of Employees Information date

US 3.56

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

US

Operating Revenue (MIL $)

3.79 10 2012/06

Rating:

GRUSS & CO., INC. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %

1.6 16 2012/06

1.9 25 2012/09

Address : Not available

Rating:

D. E. SHAW INVESTMENTS, L.P. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available

3.21

Total Assets (MIL $) Number of Employees Information date

Rating:

GENERAL ELECTRIC COMPANY via its funds Country ISO code NACE Rev. 2, Core code Direct %

US -

Total % Address : Not available

-

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees

147359 685328 305000

2.93

Information date

2012/09

US 2.35

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

Rating:

STATE OF CALIFORNIA via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available

119.33 24014.19 159 2012/06

2012/06

FAIRFAX FINANCIAL HOLDINGS LIMITED via its funds

Rating:

Country ISO code NACE Rev. 2, Core code

CA -

Operating Revenue (MIL $) Total Assets (MIL $)

6743.5 29522

Direct % Total % Address : Not available

2.31

Number of Employees Information date

0 2012/06

modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Rating:

EATON VANCE CORP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

US

Operating Revenue (MIL $)

NACE Rev. 2, Core code Direct % Total % Address : Not available

2.07

Total Assets (MIL $) Number of Employees Information date

US 1.80

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

US

Operating Revenue (MIL $)

0 2012/06

Rating:

VANGUARD GROUP, INC. THE via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %

1209.04 1979.49 1197 2012/06

Rating:

SOUNDPOST PARTNERS LP via its funds Country ISO code

BBB

US 2.24

2017.7 1830.07 9500 2012/06

Address : Not available

Rating:

JP MORGAN CHASE & CO. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available

1.45

Total Assets (MIL $) Number of Employees Information date

97031 2359141 258965 2012/09

Rating:

RENAISSANCE TECHNOLOGIES LLC via its funds Country ISO code NACE Rev. 2, Core code Direct %

US -

Total % Address : Not available

1.21

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees

1245.2 947.51 42

Information date

2012/06

BRIDGEWAY CAPITAL MANAGEMENT INC via its funds

Rating:

Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available

US 1.17

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

Country ISO code NACE Rev. 2, Core code

US -

Operating Revenue (MIL $) Total Assets (MIL $)

88872 2209974

Direct % Total % Address : Not available

1.01

Number of Employees Information date

267190 2012/06

0 2012/06

Rating:

BANK OF AMERICA CORPORATION via its funds

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Rating:

BPCE SA via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available

FR 0.91

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY via its funds

Rating:

Country ISO code

Operating Revenue (MIL $)

NACE Rev. 2, Core code Direct % Total % Address : Not available

US 0.83

11787.43 1029592.47 117381 2012/06

Total Assets (MIL $) Number of Employees Information date

BLUEMOUNTAIN CAPITAL MANAGEMENT, LLC via its funds

Rating:

Country ISO code NACE Rev. 2, Core code Direct % Total %

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

US 0.80

14780 148600 0 2012/06

13 115 2012/06

Address : Not available

Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:

SUPERMEDIA LLC Country ISO code NACE Rev. 2, Core code Direct %

US -

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees

Total %

WO

Information date

US WO

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees

Total %

-

Information date

Total %

US WO

Total %

2011/12

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees

-

Information date

2011/12

Rating:

SUPERMEDIA INFORMATION SERVICES LLC Country ISO code NACE Rev. 2, Core code Direct %

-

Rating:

SUPERMEDIA SERVICES INC. Country ISO code NACE Rev. 2, Core code Direct %

2011/12

Rating:

SUPERMEDIA SALES INC. Country ISO code NACE Rev. 2, Core code Direct %

43.8 600

US MO

Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees

-

Information date

modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM

51.3 600 2012/11

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

ASKMORE rating guide General vision

A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company’s strength and weakness thanks to sophisticated data mining tools and taking into account the analyst knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Rating scale Rating class

Rating macro class

The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent

AAA

AA

Assessment

economic and financial flow and fund equilibrium. Healthy

The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in

A

circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.

BBB Balanced

A company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions.

BB

The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic

B

conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. Vulnerable

CCC

A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency.

CC

The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase. Risky

C

The company shows considerable pathological situations. commitments is very low.

D

The company has not any longer the capacity to meet its financial commitments.

modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM

The company’s capacity to meet its financial

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Fundamental Credit Rating Ratios Analysis area

Ratio

Assessment This measures the level of total liabilities of the company in comparison

Leverage ratio

with equity.

Solvency ratios

Financial ratios

Assets to debt

This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.

Fixed Assets coverage ratio

This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.

Current ratio

This measures whether a company has sufficient short-term assets to cover its short-term liabilities.

Liquidity ratios This compares current liabilities only to those assets that can be readily

Quick ratio

turned into cash.

Return on Investement(ROI)

This measures the profitability of company investments without regard to the way the investment is financed.

Return on Equity(ROE)

This measures the profitability of the equity.

Asset turnover

This indicates the investments turnover with regards to sales. The level assumed from the ratio depends on the sector in which the company operates.

Profit margin

This indicates the profitability of sales.

Interest Paid coverage

This indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.

Profitability and economic ratios

Interest coverage ratio

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

MORE Credit Limit, Probability of default and Confidence Level MORE Credit Limit

MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit:

• Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).

The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention to the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.

Probability of default e Confidence Level

In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate that the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:

Confidence =

P Available Information P Total Information

The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.

modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741


SUPERMEDIA INC.

Tuesday, 19 March 2013 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Notes and disclaimer NOTES

modeFinance has based the present analysis on the company available financial statements, coming from one or more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s database etc.

DISCLAIMER

All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.

Contacts

Info web

modeFinance MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com

Phone

+39 040 3755337

Company Products Where

modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741


Supermedia INC: modeFinance Credit Report  

Supermedia INC: modeFinance Credit Report

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