Fitch Downgrades RR Donnelley’s Rating; Outlook Remains Negative

The new secured facility will replace the $1.75 billion unsecured credit facility, which was due to expire in December 2013. While the total facility has been reduced, Fitch notes that availability under the $1.75 billion had been constrained by the bank agreement leverage covenant. Fitch believes that the $1.25 billion secured facility will provide sufficient liquidity to support operations and investments. Terms of the proposed credit facility have not been disclosed.