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S&P trims Quad/Graphics
S&P said it downgraded Quad/Graphics Inc. and its secured debt to B from B+. The agency also downgraded Quad/Graphics’ senior unsecured debt to CCC+ from B-.
The company suffers and continues to deal with a material reduction in customer demand, particularly in the retail-end market because of the pandemic, S&P said.
“We expect that the company will pursue cost-reduction initiatives which will somewhat temper the impact of these challenges to financial measures and will maintain a free operating cash flow (FOCF)-to-debt ratio of more than 5% and leverage of less than 5x over the next 12 months,” the agency said in a press release.
The outlook is stable.
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