dex one: modefinance credit report
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Dex One: modeFinance Credit ReportTRANSCRIPT
If you want to know more, ASKMORE TM
modeFinance’s credit report.
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modeFinanceTM HeadquarterBuilding A - AREA Science ParkPadriciano 99 - 34149 Trieste - ItalyPh.: +39 040 375 5337Fax: +39 040 375 [email protected]
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DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
Company name DEX ONE CORPORATION
Identification number Not available
Country United States of America
ZIP code and city 27513 - CARY
Address 1001, WINSTEAD DRIVE
+1 919 297 1600
www.dexone.com
Legal form Not available
Account Consolidated
Incorporation date 1886
NACE 2 Sector 5819 - Other publishing activities
Listed
Status Active
MORE Credit limit Not eligible for credit on the base of the available informations
31/12/2011 31/12/2010 31/12/2009
Turnover (th e) 1,144,310 741,462 1,528,840
Rating CC B CC
Probability of default 42.00% 3.80% 42.00%
Confidence Level 78% 78% 78%
Solvency ratios
Leverage ratio -351.67 7.54 -1.65
Total asset/Total liabilities 1.00 1.13 0.39
Liquidity ratios
Current Ratio 0.99 0.97 0.81
Quick Ratio 0.99 0.97 0.81
Profitability and economic equili-
brium ratios
Return on investement ROI (%) - - -
Return on equity ROE (%) -5,259.44 1,140.19 -93.27
Asset turnover 0.43 0.22 0.49
Interest paid weight - - -
Gross Profit/Operating revenue 0.81 0.76 0.83
Interest Coverage ratios
EBIT interest coverage ratio - - -
Analysis and trend of financial
strength
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis
Company Healthy Balanced Vulnerable Risky
Solvency ratios
Leverage ratio -351.67 0.57 1.87 2.07 -2.63
Total asset/Total liabilities 1.00 2.75 1.53 1.14 0.91
Liquidity ratios
Current Ratio 0.99 2.63 1.42 1.06 0.82
Quick Ratio 0.99 2.07 1.17 0.87 0.61
Profitability and economic equilibrium ratios
Return on investement ROI (%) - 16.82 7.29 0.71 -12.05
Return on equity ROE (%) -5,259.44 19.54 9.98 -11.31 -82.79
Asset turnover 0.43 1.23 1.38 1.35 1.33
Interest paid weight - 0.01 0.14 0.01 -0.18
Gross Profit/Operating revenue 0.81 0.42 0.39 0.34 0.24
Interest Coverage ratios
EBIT interest coverage ratio - 143.80 6.00 0.09 -5.19
Cash Conversion Cycle (days)
Days Sales Of Inventory (DIO) 0 40 26 23 29
Days Sales Outstanding (DSO) 149 62 66 63 73
Days Payable Outstanding (DPO) 0 26 32 39 33
Cash Conversion Cycle (DIO + DSO - DPO) 149 81 58 36 44
Numer of analyzed companies - 80 114 69 21
(Average) Rating CC A BBB B CC
The sector has been chosen according to:
international companies in the sector NACE 2 5819 with financial data of year 2011.
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Balance Sheet
BALANCE SHEET (th e) 31/12/2011 31/12/2010 31/12/2009
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate USD - EUR 0.7729 0.748 0.6942
Number of months 12 12 12
Total assets 2,674,244 3,357,658 3,122,860
Fixed assets 1,813,616 2,519,818 1,928,417
Intangible fixed assets 1,686,446 2,371,332 1,498,141
Tangible fixed assets 117,123 141,184 109,171
Other fixed assets 10,048 7,302 321,105
Current assets 860,628 837,840 1,194,443
Stocks 0 0 0
Debtors 468,124 507,462 573,223
Other current assets 392,503 330,378 621,219
Cash & cash equivalent 199,350 95,633 462,266
Shareholders funds -7,626 393,385 -4,802,892
Capital 39 37 61,203
Other shareholders funds -7,664 393,348 -4,864,095
Total liabilities 2,681,870 2,964,273 7,925,752
Non current liabilities 1,811,784 2,098,604 6,451,632
Long term debt 1,687,964 1,860,964 1,777,903
Other non-current liabilities 123,819 237,640 4,673,729
Current liabilities 870,086 865,669 1,474,120
Loans 252,183 186,477 689,662
Creditors 0 0 0
Other current liabilities 617,902 679,192 784,458
Total shareh. funds & liab. 2,674,244 3,357,658 3,122,860
NET DEBT (th e) 31/12/2011 31/12/2010 31/12/2009
Short term debts 252,183 186,477 689,662
Long term debt 1,687,964 1,860,964 1,777,903
Cash & cash equivalent 199,350 95,633 462,266
Net debt 1,740,798 1,951,808 2,005,300
31/12/2011 31/12/2010 31/12/2009
Working capital - - -
Net Current Assets -9,458 -27,829 -279,677
31/12/2011 31/12/2010 31/12/2009
Days Sales Of Inventory (DIO) 0 0 0
Days Sales Outstanding (DSO) 149 250 137
Days Payable Outstanding (DPO) 0 0 0
Cash Conversion Cycle (DIO + DSO - DPO) 149 250 137
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Income Statement
INCOME STATEMENT (th e) 31/12/2011 31/12/2010 31/12/2009
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate USD - EUR 0.7729 0.748 0.6942
Number of months 12 12 12
Sales 1,144,310 741,462 1,528,840
Revenues growth (%) 54 -52 -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized0 0 0
Operating revenue / turnover 1,144,310 741,462 1,528,840
Total operating costs 1,476,922 1,661,638 6,247,360
Costs growth (%) -11 -73 -
Service costs - - -
Material costs - - -
Costs of employees - - -
EBITDA 481,109 124,890 776,858
Depreciation 813,721 1,045,066 5,495,379
EBIT -332,612 -920,176 -4,718,521
Financial P/L -164,893 5,627,970 -405,602
Financial revenue -175,278 -201,292 -339,818
Financial expenses -10,385 -5,829,263 65,784
Interest paid - - -
P/L before tax -497,505 4,707,794 -5,124,123
Extr. and other P/L - - -
Extr. and other revenue - - -
Extr. and other expenses - - -
P/L before tax + Extr. and other P/L - - -
Taxation -96,420 222,475 -644,537
P/L for period -401,085 4,485,320 -4,479,586
31/12/2011 31/12/2010 31/12/2009
Costs of Good Sold 221,945 179,639 257,223
Gross Profit 922,366 561,823 1,271,616
Other Operating Expenses 1,254,978 1,481,999 5,990,137
31/12/2011 31/12/2010 31/12/2009
Cash flow 412,636 5,530,386 1,015,793
Added value - - -
31/12/2011 31/12/2010 31/12/2009
Number of employees 2,700 3,200 3,500
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Qualitative information
Full overview It is a publicly quoted company primarily engaged in providing print, online and mobile yellow pages and search
solutions as well as major search engines. The company was founded as R. H. Donnelley Company in 1886 by
Reuben H. Donnelley. The US - based company has its corporate headquarters located in Cary, North Carolina.
It is a leading marketing solutions company that helps local businesses reach, win and keep ready - to - buy
customers. The company’s highly - skilled, locally based marketing consultants offer a wide range of marketing
products and services that help businesses get found more than one billion times each year by actively shopping
consumers. It offers local businesses personalized marketing consulting services and exposure across a broad
network of local marketing products, including its “official” print, online and mobile yellow pages and search
solutions, such as www. dexknows. com, as well as major search engines. Through access to a vast collection of
highly valuable, proprietary local market intelligence, as well as the personal, hands - on service from approximately
1,500 dedicated marketing consultants, the company helps about 435,000 local businesses create custom - tailored
marketing programs that effectively reach potential customers - wherever, whenever, and however they search. It
delivers a broad range of products and services to help local businesses grow - from identifying target audiences
and developing messaging, to optimizing marketing programs and leveraging appropriate products, such as online
and mobile search solutions, print yellow pages directories, voice based search platforms, and one of the largest
pay - per - click ad networks in the United States.
History Founded as R. H. Donnelley Company by Reuben H. Donnelley.
Primary business line Engaged in providing print, online and mobile yellow pages and search solutions as well as major search engines.
Secondary business line Not available.
Main activity Services.
Secondary activity Not available.
Main products and services Print, online and mobile yellow pages and search solutions, such as www. dexknows. com; and major search
engines.
Size estimate Leading marketing solutions company.
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.
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Main sales representation sites Not available.
Main customers Not available.
Auditor/Advisor/Bank
name type address
KPMG LLP Auditor -
The Bank of New York Transfer Agent -
Board
name date of birth nationality function
Mr. Jonathan B Bulkeley 14/10/1960 - Independent Director
Mr. Richard L Kuersteiner - - Independent Director
Mr. W. Kirk Liddell - - Independent Director
Mr. Mark A McEachen - - Independent Director
Mr. Alfred Thomas Mockett 31/01/1949 United States President, Chief Executive Officer, Director
Sharehoders (the first twenty shareholders ordered by Direct %)
FRANKLIN RESOURCES, INC. via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 7205.5
NACE Rev. 2, Core code - Total Assets (MIL $) 14751.5
Direct % - Number of Employees 8558
Total % 26.18 Information date 2012/09
Address : Not available
HAYMAN CAPITAL MANAGEMENT LP Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 9.95 Number of Employees 0
Total % - Information date 2012/12
Address : Not available
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
BENNETT JAMES DONALD via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees -
Total % 9.55 Information date 2012/06
Address : Not available
RESTRUCTURING CAPITAL ASSOCIATES LP Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 0
Total % 9.10 Information date 2012/12
Address : Not available
MEAD ROBERT E. Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 8.64 Number of Employees -
Total % - Information date 2012/12
Address : Not available
PAULSON & CO. INC. via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 11.8
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 75
Total % 7.14 Information date 2012/06
Address : Not available
BENNETT RESTRUCTURING FUND LP Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 4.60 Number of Employees 0
Total % - Information date 2012/12
Address : Not available
ALYESKA INVESTMENT GROUP, L.P. via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 2.8
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 25
Total % 4.26 Information date 2012/06
Address : Not available
TCS CAPITAL MANAGEMENT LLC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 0.9
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 10
Total % 3.23 Information date 2012/06
Address : Not available
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
BLACKROCK, INC. via its funds Rating: AA
Country ISO code US Operating Revenue (MIL $) 9337
NACE Rev. 2, Core code - Total Assets (MIL $) 179896
Direct % - Number of Employees 10100
Total % 3.19 Information date 2012/06
Address : Not available
ALLIANZ SE via its funds Rating:
Country ISO code DE Operating Revenue (MIL $) 89665.98
NACE Rev. 2, Core code - Total Assets (MIL $) 813342.96
Direct % - Number of Employees 141938
Total % 3.13 Information date 2012/06
Address : Not available
VANGUARD GROUP, INC. THE via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 2017.7
NACE Rev. 2, Core code - Total Assets (MIL $) 1830.07
Direct % - Number of Employees 9500
Total % 2.95 Information date 2012/06
Address : Not available
BRIDGEWAY CAPITAL MANAGEMENT INC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 0
Total % 1.92 Information date 2012/06
Address : Not available
MITTLEMAN BROTHERS LLC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 0.16
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 3
Total % 1.79 Information date 2012/06
Address : Not available
RENAISSANCE TECHNOLOGIES LLC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 1245.2
NACE Rev. 2, Core code - Total Assets (MIL $) 947.51
Direct % - Number of Employees 42
Total % 1.79 Information date 2012/06
Address : Not available
STATE OF CALIFORNIA via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees -
Total % 1.57 Information date 2012/06
Address : Not available
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
DEUTSCHE BANK AG via its funds Rating:
Country ISO code DE Operating Revenue (MIL $) 43152.86
NACE Rev. 2, Core code - Total Assets (MIL $) 2800132.9
Direct % - Number of Employees 100996
Total % 0.98 Information date 2012/06
Address : Not available
ALGERT COLDIRON INVESTORS, LLC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 2.1
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 20
Total % 0.96 Information date 2012/06
Address : Not available
PRUDENTIAL FINANCIAL INC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 15787
NACE Rev. 2, Core code - Total Assets (MIL $) 709298
Direct % - Number of Employees 0
Total % 0.85 Information date 2012/06
Address : Not available
WELLINGTON MANAGEMENT COMPANY, LLP via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 85.5
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 741
Total % 0.73 Information date 2012/06
Address : Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
DEX MEDIA EAST LLC Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % - Information date 2012/07
DEX ONE SERVICE, INC. Rating:
Country ISO code US Operating Revenue (MIL $) 0.04
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 1
Total % - Information date 2012/08
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
R.H. DONNELLEY INC. Rating:
Country ISO code US Operating Revenue (MIL $) 88.1
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 1300
Total % - Information date 2012/11
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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.
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
economic and financial flow and fund equilibrium.
AAThe company has very strong creditworthiness. It also has a good capital structure and economic and financial
equilibrium. Difference from AAA is slight.
AThe company has a high solvency. The company is however more susceptible to the adverse effects of changes in
circumstances and economic conditions than companies in higher rated categories.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial
commitments could be affected by serious unfavourable events.
BBA 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.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments.
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
Risky
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the
company’s strong disequilibrium could increase.
CThe company shows considerable pathological situations. The company’s capacity to meet its financial
commitments is very low.
D The company has not any longer the capacity to meet its financial commitments.
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates company’s solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
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 coverage ratio 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.
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 =
∑Available Information∑
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.
DEX ONE CORPORATIONTuesday, 19 March 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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
Company modeFinance
Products MORE rating
Where AREA Science Park
34149 Trieste, via Padriciano 99 - ITALY
Info [email protected]
web www.modefinance.com
Phone +39 040 3755337