Fitch Downgrades RR Donnelley’s Rating; Outlook Remains Negative

Fitch believes RRD carries a high level of debt given the secular challenges facing the company. As of June 30, 2012, RRD had total debt of $3.8 billion. As with other issuers and segments with uncertain business prospects, Fitch will weight secular issues, organic growth and absolute levels of debt reduction more prominently than backward looking leverage metrics.