Moody’s cuts Quad/Graphics, view to negative

Moody’s Investors Service said it downgraded Quad/Graphics, Inc.’s corporate family rating to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD, senior secured revolver and senior secured term loan A ratings to Ba3 from Ba2 and senior unsecured notes rating to B3 from B2. Moody’s also downgraded the company’s speculative grade liquidity rating to SGL-2 from SGL-1. The outlook was changed to stable from negative.

“The downgrade reflects Quad’s declining revenue and EBITDA and increased leverage as a result of secular pressures in the commercial printing industry. “The downgrade of the SGL rating reflects Moody’s view of the company’s reduced free cash flow generating capacity,” said Peter Adu, a Moody’s vice president and senior analyst, in a press release.

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