Fitch: R.R. Donnelley on watch

Fitch Ratings said it placed R.R. Donnelley & Sons Co.'s BBB- issuer default rating on Rating Watch negative.

The negative watch reflects a concern that R.R. Donnelley has shifted its financial policy in regards to maintaining investment grade ratings, the agency said.

Fitch said its concerns include the company's $1 billion share repurchase plan, which exceeds previous expectations for modest shareholder-friendly actions.

But the company reduced financial risk during the downturn by proactively managing its maturity schedule and its liquidity, the agency said.

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