S&P boosts Quad/Graphics

S&P said it raised its ratings on Quad/Graphics Inc. to B+ from B and its senior unsecured notes to B- from CCC+.

“Quad's adjusted leverage improved below our upside threshold of 4x in 2021. Key factors driving this deleveraging include the company's improved operating performance and lower one-time restructuring costs in 2021, as well as significant debt paydowns over the past two years. The economic recovery over the past year drove up Quad's print volumes, as companies are now ramping up their advertising and marketing campaigns to support growing consumer demand,” S&P said in a press release.

The agency also noted Quad has been paying down maturing debt and prepaying debt tranches using proceeds from asset sales and balance sheet cash.

The outlook is stable.

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