Moody's rates Quad/Graphics loan Ba2

Moody's Investors Service said it assigned to Quad/Graphics, Inc. a corporate family rating of Ba2, probability of default rating of Ba2 and speculative grade liquidity rating of SGL-3, along with a Ba2 rating on its senior secured credit facilities.

The outlook is stable.

Pending approvals, Quad will acquire World Color Press Inc. Moody's said success depends on quickly and cost-effectively eliminating redundant operations of both companies so that the continuing entity's capacity utilization increases and it takes on Quad's cost structure.

Risks are amplified by secular pressures that significantly limit growth prospects for companies in the North American commercial printing industry, the agency said.

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