S&P gives Donnelley notes CCC+

S&P said it gave CCC+ issue-level and 6 recovery ratings to R.R. Donnelley & Sons Co.'s $1.032 billion of unsecured holdco payment-in-kind (PIK) notes due October 2031. The 6 recovery rating indicates negligible recovery (0%-10%; rounded estimate: 0%) in default.

“Our issue-level rating on the unsecured notes is two notches below our B issuer credit rating on R.R. Donnelley. The instrument will be issued at a new parent entity Chatham Delta Parent, Inc.,” the agency said in a press release.

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