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

Covenants:

Fitch notes that liens are not permitted under the existing bonds, unless a pari passu lien is granted to the notes. There is also a general lien basket that limits liens (and sale-leaseback transactions) to 15% of net tangible assets (there is a 10% limit for the notes maturing in 2021, 2029, and 2031).