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S&P lowers R.R. Donnelley
S&P said it lowered the corporate credit rating on R.R. Donnelley & Sons Co. to B from B+ and lowered the issue-level rating on the company's senior secured asset-based lending credit facility to BB- from BB.
The 1 recovery rating is unchanged, indicating an expectation for very high recovery (90%-100%; rounded estimate: 95%) of principal in the event of a payment default.
The agency also lowered the issue-level rating on the company's senior unsecured debt to B from B+. The 4 recovery rating is unchanged, indicating an expectation for average recovery (30%-50%; rounded estimate: 35%).
The outlook is stable.
S&P said the downgrade reflects R.R. Donnelley's lower-than-expected operating performance and higher leverage profile as a stand-alone company after its divestitures of LSC Communications Inc. and Donnelley Financial Solutions Inc. in October 2016.
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