The Outlook revision reflects the limited headroom within the ratings for the company to underperform Fitch's expectations, including Fitch's FCF generationand absolute debt reduction expectations.
Thursday, August 9, 2012
RRD Ratings Outlook-Stable to Negative
Fitch Revises R.R. Donnelley’s Outlook from Stable to Negative:Fitch Ratings has affirmed R.R. Donnelley & Sons’ (RRD) Issuer Default Rating (IDR) at BB+ and revised the Rating Outlook to “Negative” from “Stable.” In a previous notice, Fitch had stated its concern that revenue declines in the low to mid-single digits could pressure cash flows and slow down absolute debt reduction and thereby lead to an outlook revision or rating change.
