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S&P puts R.R. Donnelley on watch
Standard & Poor's said it placed R.R. Donnelley & Sons Co.'s BBB corporate credit rating on CreditWatch with negative implications and affirmed its A-3 short-term rating.
The watch follows the company's plans to acquire Bowne & Co. Inc. for $481 million in cash, according to the agency.
S&P said the deal presents opportunities for synergies and growth but that the deal may reflect the company's intent to use balance sheet leverage for future growth more than previously anticipated.
The company reduced its debt by about $804 million over 2009 and ended the year with fully adjusted leverage of about 3.5x, which is weak for the current rating, according to the agency.
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