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Fitch drops R.R. Donnelley to junk
Fitch Ratings said it downgraded R.R. Donnelley & Sons Co.'s issuer default rating to BB+ from BBB-, along with its senior unsecured revolving credit facility to BB+ from BBB-, senior unsecured notes and debentures to BB+ from BBB-, short-term issuer default rating to B from F3 and commercial paper to B from F3.
The outlook is stable.
The downgrade reflects the company's cyclicality, the long-term structural challenges it faces and recent accelerated repurchase action, Fitch said.
The company demonstrated its cyclical nature through the downturn with revenues declining 15% and EBITDA declining 26% in 2009, the agency said.
The ratings also consider the company's scale and diverse product offering as the largest commercial printer in the United States, Fitch said, and worldwide.
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