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S&P affirms Quad/Graphics ratings on ending acquisition
S&P said it affirmed ratings for Quad/Graphics Inc. after the company terminated its proposed acquisition of LSC Communications Inc.
The agency believes Quad/Graphics will use excess cash flow to reduce debt, lower leverage and remain within S&P’s current BB- rating.
The outlook is negative mirroring the risk that the company’s leverage could remain higher than S&P’s 3.5x threshold over the next 12 months, S&P said.
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