S&P Revises R.R. Donnelley & Sons Outlook to Negative

Standard & Poor’s Ratings Services today affirmed its “BB” corporate credit rating, as well as its other ratings, on R.R. Donnelley & Sons Co. At the same time, we revised the rating outlook to negative from stable. The company reported weaker-than-expected results for the third quarter, with revenues declining 6.5 percent in part because of steep declines for commercial printing and variable printing services, which are economically sensitive.

We see the risk that revenue declines, which had been generally in the low single digits, could accelerate, especially given the weak economic forecasts…We regard the company’s financial risk profile as “significant”

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