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

As of June 30, 2012, liquidity was supported by $369 million in cash ($338 million located outside of the U.S.) and $1 billion available under its $1.75 billion revolver that matures in December 2013.

As of June 30, 2012, there is approximately $325 million in revolver debt balance outstanding, reflecting seasonal working capital balances and borrowing used to fund the January 2012 $160 million maturity. After the revolver balance has been repaid, Fitch expects the company to continue to reduce debt through repurchases of notes in the open market or via tender offers.