TEXT-S&P cuts SEAT Pagine Gialle to 'D' on missed payment

-- Italy-based international publisher of classified directories SEAT
PagineGialle SpA (SEAT) has decided not to proceed with the coupon payment on
its senior secured bonds due on Jan. 31, 2012.
-- Under Standard & Poor's criteria, we view this payment deferral as
tantamount to a selective default.
-- We are therefore lowering our long-term corporate credit rating on
SEAT to 'D' (Default) from 'SD' (Selective Default).
-- We are also lowering our issue rating on SEAT's

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