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S&P Puts Quad/Graphics ‘BB+’ Rating on CreditWatch Negative

October 12, 2012
Standard & Poor’s Ratings Services placed its ratings on Sussex, WI-based printer Quad/Graphics Inc. on CreditWatch with negative implications. This rating action follows the company’s announcement that it has entered into a preliminary agreement to acquire substantially all of the assets of printer Vertis Holdings Inc.

“We believe the acquisition will weaken Quad's business risk profile by increasing its exposure to a poorly performing company in a sector already under secular decline. Vertis will require significant management attention to be integrated efficiently with Quad. As a result, we expect Quad's EBITDA margin to be negatively affected over the next two years.”...


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