New York, December 16, 2015 -- Moody's Investors Service ("Moody's") downgraded Dex Media, Inc.'s ("Dex") Probability of Default Rating to Ca-PD/LD from Caa3-PD and downgraded the Corporate Family Rating to Ca from Caa3. The limited default "LD" designation appended to Dex's probability of default rating reflects Moody's view that the company has defaulted under Moody's definition. The limited default designation will remain for three business days to reflect our view that a default has occurred. Concurrently, the senior subordinated notes are lowered to C from Ca and the senior secured credit facilities of Dex Media East, Inc., Dex Media West, Inc., R.H. Donnelley Inc. and SuperMedia Inc. remain unchanged at Caa3. The downgrade reflects Dex's missed September 30, 2015 interest payment on its senior subordinated notes and the subsequent failure to make the payment during the grace period. Moody's views this as a limited default as it represents a default of only one element of the company's capital structure. The ratings outlook remains negative.

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