R.R. Donnelley Lays Out Earnings, Expanded Vision
The stock buy-back plan caused jitters in the credit markets. Perceptions of the company's decreased flexibility in servicing its debt lead to a Standard & Poor's Ratings Services downgrade to BBB- from BBB. Quinlan and Leib told analysts the move was designed to serve long-term strategic goals.
"We are not here for 90 days. We want to be around for the next 100 years, and run the business that way," Leib said. "We make sure we are ... not scrambling around to [the point] where we do not have access to capital markets."