Fitch Revises R.R. Donnelley’s Outlook from Stable to Negative

NEW YORK—August 8, 2012—Fitch Ratings has affirmed R.R. Donnelley & Sons’ (RRD) Issuer Default Rating (IDR) at BB+ and revised the Rating Outlook to “Negative” from “Stable.” In a previous notice, Fitch had stated its concern that revenue declines in the low to mid-single digits could pressure cash flows and slow down absolute debt reduction and thereby lead to an outlook revision or rating change.