S&P: Quad/Graphics loans BB+

Standard & Poor's said it assigned a BB+ rating to Quad/Graphics Inc.'s amended and extended revolving bank loan due July 2017 and term loan A due July 2017.

The rating on the loans is the same as the BB+ corporate credit rating on the company.

The facilities also were assigned a recovery rating of 3, indicating 50% to 70% expected recovery in a default.

The company is seeking to extend the maturities of its current revolver and term loan A by one year each from the existing July 2016 maturities, S&P said.

The outlook is negative.

Quad's business risk profile is fair based on its size, operating efficiency and profitability, S&P said, despite the difficult fundamentals in the printing industry.

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