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Moody’s changes R.R. Donnelley to stable
Moody's Investors Service said it changed R.R. Donnelley & Sons Co.’s outlook to stable from negative and affirmed the Ba2 corporate family rating and Ba2-PD probability of default rating.
As part of the same action, the agency affirmed ratings on R.R. Donnelley’s outstanding debt instruments and liquidity arrangements.
Moody’s said the outlook change was prompted by its expectation that the company’s leverage of debt-to-EBITDA will decline below 3 times by mid-2016. While the agency anticipates continued acquisition activity, R.R. Donnelley is expected to generally finance future acquisitions using about 50% cash and 50% equity.
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