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Moody’s cuts R.R. Donnelley, notes
Moody's Investors Service said it downgraded R.R. Donnelley & Sons Co.’s corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD and senior unsecured notes rating to B3 from B2.
The speculative grade liquidity rating was downgraded to SGL-3 (adequate) from SGL-2 (good) and the outlook remains stable.
"We downgraded RR Donnelley because Moody's adjusted leverage is elevated, at 4.7x, and we do not expect significant improvement in operating results or credit metrics over the next two years that could fuel material de-levering," Moody's senior vice president Bill Wolfe said in a news release.
Wolfe added that RR Donnelley's EBITDA margins had declined to about 8.4% in 2017, and are not expected to improve going forward.
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