Moody's: cuts RR Donnelley view to negative

Moody's Investors Service said it changed the outlook for RR Donnelley & Sons Co. to negative from stable.

At the same time, the company's Ba1 corporate family, probability of default and senior unsecured ratings were affirmed, as was the SGL-1 speculative grade liquidity rating.

Moody's said the negative outlook stems from the potential that relatively poor macroeconomic conditions will persist and that RR Donnelley will have to pursue further restructuring activities as a result. This will consume cash and delay deleveraging with debt-to-EBITDA languishing in the mid-to-low 4x range.

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