S&P Revises Cenveo Outlook to Negative

The corporate credit rating on Cenveo reflects Standard & Poor's expectation that the company's leverage will remain high and coverage will remain weak. It considers Cenveo's financial profile "highly leveraged" (based on S&P criteria) and views the company's business risk profile as "weak" (also based on S&P criteria) because of Cenveo's participation in the highly competitive and cyclical printing markets. S&P expects ongoing pricing pressure from industry overcapacity and limited scope for margin improvement. Over the near term, S&P expects this will result in minimal organic revenue and EBITDA growth.