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

Given RRD’s cash flow generation, Fitch believes that the company can meet its pension funding requirements and reduce debt balances in order to get closer to the lower end of RRD’s stated leverage target of 2.5x - 3.0x, which Fitch believes is appropriate for the ratings at this time. As with ratings on any business facing secular challenges, Fitch may continue to tighten the targeted leverage metric for a given rating category as business risk increases.