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

Fitch believes that debt reduction will need to be a primary use of free cash flow (FCF) going forward in order to maintain current ratings. Given the secular challenges facing the company, deleveraging will primarily be driven through debt level reductions. There is no tolerance in the ratings for material share buy backs and/or increases in the current dividend level.

Rating Drivers: