S&P cuts Quad/Graphics

S&P said it lowered the ratings on Quad/Graphics Inc. and its senior secured debt to B+ from BB-.

In addition, the agency cut the rating on the senior unsecured notes to B- from B.

“The downgrade reflects the company’s elevated leverage of 4.2x as of Sept. 30, 2019, which is well above our prior 3.5x downgrade threshold for the rating. We expect that leverage will remain around the 4x area at year-end 2019 before it falls below 4x in 2020,” said S&P in a press release.

The outlook is negative.

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