MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has
placed infoUSA Inc's ratings, including the 'BB' corporate credit rating, on
negative watch, after the company said will delay filing its annual report on
form 10-K for the year to end-Dec 2007.
The company's credit agreement requires the company to file its full-year
results by March 17, 2008.
In November, the company said that the Denver regional office of the SEC
requested voluntary production of documents regarding related party
transactions, expense reimbursement, other corporate expenditures and certain
trading in infoUSA's securities.
S&P said the company might receive waivers from its lenders allowing it to
file its annual report after March 17 and avoid a technical default.
However, concerns regarding the informal investigation by the Denver
regional office of the SEC and the formation of a special litigation committee
by infoUSA's board of directors are heightened now that these developments have
led to a filing delay.
TFN.newsdesk@thomson.com
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