Moody's rates R.R. Donnelley notes Baa3

Moody's Investors Service rated R.R. Donnelley & Sons Co.'s $300 million 10-year senior unsecured notes Baa3.

The outlook is stable.

Moody's said the note issue can be viewed as either refinancing a portion of the recent $326 million debt maturity or prefunding a portion of the pending $481 million acquisition of Bowne & Co., Inc. In either case, the transaction is neutral to the company's credit profile.

The company has a solid operating platform featuring significant product diversity and aggregate scale, and a reasonable cost position, the agency said.

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