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

• In Fitch’s view, more than 50% of RRD’s revenues face some degree of secular headwinds (catalogs, magazines, books, directories, variable, commercial and financial print). Certain sub-segments may not recover or exhibit positive growth characteristics going forward. Fitch believes that continued pricing and volume pressure, will challenge RRD’s ability to drive GDP-level organic revenue growth. Fitch’s base case model assumes that pressures in the Books and Directories segment accelerate and revenues in this business line declines in the mid-teens starting in 2013.