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

The ratings also reflect:

• RRD’s scale and diverse product offering as the largest commercial printer in the United States and worldwide. The U.S. commercial printing market size is approximately $150 billion, and RRD has less than a 5 percent market share. RRD is one of few well-capitalized competitors in this highly fragmented and sizable industry. The significant addressable market share that RRD could capture from rivals may provide some offset to secular pressures.