Browsing Tag Local Insight Media
Payment Default Impending on Yellow Pages Securitization
Another dubious milestone was reached on Friday: Local Insight Media Finance’s ratings were lowered to ‘D’ by S&P. These downgrades follow a series of ratings reductions for these whole business securitizations backed by cash flow generated by yellow pages phone directories. These ratings reflect the failure of these securitizations. The immediate cause of these downgrades were more…
ABS Defaults, Esoteric securitization, Local Insight Media, Securitization, securitization default, The Berry Co., Whole Business Securitization, Yellow Pages, Yellow Pages Securitization
Rapid Amortization Doesn’t Help When There’s No Cash
Investors are facing extraordinary losses in Local Insight Media’s whole business securitizations. This short “Judicious Note” highlights the rating actions S&P took with respect to these notes this week and, more importantly, its related comments (“Local Insight Media Finance LLC Series 2007-1 And 2008-1….”, published 11-Dec-2012). S&P’s comments on the state of these securitizations illustrate more…
ABS Defaults, Esoteric securitization, Local Insight Media, Securitization, The Berry Co., Whole Business Securitization, Yellow Pages
A Bad Whole Business Securitization
Yellow Pages Whole Business Securitization Printing Red Ink Last month, a dubious milestone passed almost unnoticed; Moody’s announced that a U.S. Whole Business Securitization will be defaulting on its payments of interest by the end of this year or early next year. Yes, it can’t even make its interest payments (much less repay the outstanding more…
ABS Defaults, Esoteric securitization, Local Insight Media, Securitization, The Berry Co., Whole Business Securitization, Yellow Pages