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S&P affirms R.R. Donnelley
Standard & Poor's said it affirmed the BBB corporate credit rating and all related issue-level ratings on R.R. Donnelley & Sons Co. and removed them from CreditWatch, where they were placed with negative implications in February. The agency also said it affirmed the short-term rating at A-3.
The outlook is negative.
The ratings are is based on an expectation that synergies from the Bowne & Co. Inc. acquisition and some level of organic growth will enable it to strengthen credit measures to a level that is more in line with the BBB rating, S&P said.
Despite credit measures that the agency said are weak for the current rating, the ratings reflects an expectation for a return to growth in operations and that management will not use its balance sheet to pursue leveraging transactions that would cause credit measures to further deteriorate.
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