Fitch Downgrades RR Donnelley’s Rating; Outlook Remains Negative

The ratings and Negative Outlook reflect the secular challenges facing RRD. In Fitch’s view, more than 50 percent of RRD’s revenues face some degree of secular headwinds (catalogs, magazines, books, directories, variable, commercial and financial print). Fitch does not believe certain sub-segments will exhibit positive organic growth going forward.