S&P: Quad/Graphics unaffected

Standard & Poor's said Quad/Graphics Inc.'s ratings (BB+/stable) are unaffected by the company's announcement that its board authorized a share repurchase program of up to $100 million, which management intends to execute throughout 2011 and 2012.

Management reiterated its target leverage ratio range of 2.0x to 2.5x, according to the agency.

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