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

• In Fitch’s view, more than 50 precent of RRD’s revenues face some degree of secular headwinds (catalogs, magazines, books, directories, variable, commercial and financial print). Certain sub-segments may not recover or exhibit positive growth characteristics going forward.

Fitch believes that continued pricing and volume pressure will challenge RRD’s ability to drive GDP-level organic revenue growth. Fitch’s base case model assumes that pressures in the books and directories segment accelerate and revenues in this business line declines in the mid teens starting in 2013.

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