Fitch lowers R.R. Donnelley view to negative

Fitch Ratings said it affirmed R.R. Donnelley & Sons Co.'s issuer default rating at BB+ and revised the outlook to negative from stable.

The agency also affirmed the company's senior unsecured revolving credit facility at BB+ and senior unsecured notes and debentures at BB+.

The outlook revision reflects the limited headroom within the ratings for the company to underperform expectations, Fitch said.

The agency also stated its concern that revenue declines in the low- to mid-single digits could pressure cash flows and slow down absolute debt reduction.

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