Moody’s revises Quad outlook to negative

Moody’s Investors Service said it changed Quad/Graphics, Inc.’s outlook to negative from stable.

"The outlook was changed to negative to reflect expectations for continuing pressure on revenue and EBITDA in the next 12 to 18 months," said Peter Adu, a Moody’s vice president and senior analyst, in a press release.

Moody’s also affirmed the company’s B1 corporate family rating, B1-PD probability of default rating, Ba3 ratings on its senior secured revolver and B3 rating on its senior unsecured notes. The speculative grade liquidity rating remains SGL-2.

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