Fitch revises Quad outlook to positive

Fitch Ratings said it revised the outlook for Quad/Graphics, Inc. to positive from stable and affirmed the long-term issuer default rating at B+ and the senior secured credit facility and term loan at BB/RR2.

“The positive outlook reflects Fitch's expectation of EBITDA leverage remaining at low 2x in the next 18-24 months. Additionally, the ratings reflect Quad's leading market position, deleveraging capacity via significant debt reduction and expectation of FCF margin in the low single-digit range. The ratings are constrained by secular industry headwinds limiting revenue growth over the forecast period,” the agency said in a press release.

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