Fitch Affirms R.R. Donnelley’s BB+ Default Rating, Classifies Outlook as Stable

There is limited headroom within the ratings for the company to under perform Fitch expectations. The company has guided to flat to slight revenue growth and approximately $300 million in FCF (after dividends). Fitch believes this is achievable.

Revenue declines in the low to mid single digits over the next two quarters could result in a Negative Outlook. Fitch believes that continued revenue declines in the low to mid single digits would pressure cash flows and slow down absolute debt reduction.