S&P Revises R.R. Donnelley Outlook to Negative from Stable

Standard & Poor’s Ratings Services revised its outlook on Chicago-based printer R.R. Donnelley & Sons Co. (RRD) to negative from stable. The outlook revision reflects our expectation of weak economic conditions, negative trends in print media, and the risk of intensifying pricing pressure.

Our rating outlook on RRD is negative, reflecting the potential for a recession and the risk that secular pressure and pricing pressure could intensify. We could lower the rating if we conclude that secular risks facing the company have increased and could cause organic revenue to decline consistently or cause the company’s EBITDA margin to decline below