Fitch rates Quad/Graphics B+

Fitch Ratings said it assigned a first-time B+ long-term issuer default rating to Quad/Graphics, Inc. with a table outlook. Fitch also assigned the senior secured credit facility BB-/RR2 ratings and the senior unsecured notes B-/RR6 ratings.

“The ratings reflect Quad's leading market position, expectation of gross leverage to remain in mid to low 3x, and financial flexibility supported by sufficient liquidity and expectation of positive FCFs. The ratings are constrained by secular industry headwinds resulting in declining revenue from digital substitution. Fitch expects Quad to successfully refinance its 2022 senior unsecured notes during 2021,” the agency said in a press release.

Fitch said it forecasts gross leverage at about 3.4x and 3.3x by the end of FY2021 and FY2022, respectively, a slight improvement from 3.5x gross leverage at YE2020.

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