Fitch Revises R.R. Donnelley’s Outlook from Stable to Negative

RRD’s next bond maturity is its $258 million 4.95 percent notes due in April 2014, $300 million 5.5 percent notes due in May 2015 and its $347 million 8.6 percent notes due in August 2016.

The ratings also reflect:

• RRD’s scale and diverse product offering as the largest commercial printer in the United States and worldwide. The U.S. commercial printing market size is approximately $140 billion. RRD is one of few well-capitalized competitors in this highly fragmented and sizable industry. The significant addressable market share that RRD could capture from rivals may provide some offset to secular pressures.