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

NEW YORK—May 14, 2012—Fitch Ratings has affirmed R.R. Donnelley & Sons’ “BB+” issuer default rating (IDR). The rating outlook is stable. The ratings reflect the company’s intention to reduce its absolute levels of debt.

Given RRD’s cash flow generation, Fitch believes that the company can meet its pension funding requirements and reduce debt balances in order to get closer to the lower end of the company’s stated leverage target of 2.5-3.0x, which Fitch believes is appropriate for the ratings at this time.