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Fitch: R.R. Donnelley unaffected
Fitch Ratings said R.R. Donnelley & Sons Co.'s BBB issuer default, senior unsecured revolving credit facility and senior unsecured notes and debentures ratings and F2 short-term issuer default rating are unchanged following a revision in the company's 2008 full-year earnings-per-share guidance because the revised guidance is accommadated within the current ratings.
As Fitch expected, the company endured very challenging conditions in the fourth quarter of 2008, and the agency said it expects industry growth to be negative in 2009.
The company stated that liquidity at the end of 2008 was supported by $315 million in cash and $1.5 billion in availability under its $2.0 billion credit agreement. Fitch estimates 2008 year-end debt leverage to be around 2.5 times.
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