Moody's: R.R. Donnelley view to negative

Moody's Investors Service said it changed the outlook for R.R. Donnelley & Sons Co. to negative from stable and affirmed the B2 corporate family rating, B2-PD probability of default rating, B1 rating on its senior secured term loan B and B3 ratings on its senior unsecured notes and debentures. The speculative grade liquidity rating was maintained at SGL-3.

"The outlook was changed to negative to reflect expectations for continuing commercial printing industry pressures on the company's revenue and EBITDA in the next 12 to 18 months," said Peter Adu, a Moody's vice president and senior analyst, in a press release.

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