R. R. Donnelley & Sons Company http://www.alacrastore.com/company-snapshot/R_R_Donnelley_Sons_Company-1005117 Wednesday, July 23, 2008 6:14:37 PM 1005117 R. R. Donnelley & Sons Company en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/660401spcred/660401normThe latest Summary from S&Pglobal7/18/2008 1:11:17 PM175Summary660401United StatesCommercial PrintingUnited StatesGlobal IssuersCorporationsMedia & EntertainmentSummaryThe rating reflects R.R. Donnelley&Sons Co.'s leading market position, diversity in multiple segments of the printing industry, and strong cash flow base. These factors are somewhat offset by the mature, cyclical, intensely competitive, and consolidating nature of the printing industry, in which we expect Donnelley to participate largely as a consolidator. In March 2008, Donnelley acquired Pro Line Printing Inc., a retail insert printer, for $122 million. Acquisitions in 2007 totaled $2.1 billion, and included specialty publication and short-run printer Banta Corp. for $1.4 billion and catalog and magazine printer Perry Judd's Holdings Inc. for $176 million (both in January 2007), educational book printer Von Hoffmann for $413 million in the May 2007 quarter, and forms, office document,USA25786725787E25787F25786T20201010 202010 2020 20Donnelley (R.R.)&Sons Co.100683USARRDSUMMARYGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/70541cs/70541norm Valassis #Q##: Shared Mail Business Drives Earnings Growth We discuss Valassis' #Q## earnings with an emphasis on the company's operating fundamentals and financial condition. In addition, we consider relative value on both sides of...705411490YesD0Article2135126217271571corphy1642High Yield68Earnings Reports - Industrials/Consumer6/11/2008 9:06:40 PM150Valassis reported 1Q08 adjusted EBITDA of approximately $61 million up from roughly $40 million in the year-ago quarter.70541Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/PZM-0001-25908733newstex/PZM-0001-25908733xml CAMBRIDGE, Mass., Jun. ##, #### (June delivered by Newstex) -- Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA), a biotechnology company specializing in the characterization and engineering of complex drugs, today announced the appointment...09000000090150000700000007014000070140120700300007003001040000000401600004016008040160010400200004002006040060000400600113000000130100001301000513002000130020056/11/2008 9:17:57 AM1800000018007000PrimeNewswirePZM-0001-25908733DONNELLEY R R & SONS COMEMORY PHARMACEUTICALS CORPMOMENTA PHARMACEUTICALS INCCRAIG A WHEELERJAMES R SULATMEMYMNTARRDNewsNewstexhttp://www.alacrastore.com/storecontent/cs/70106cs/70106norm R.R. Donnelley #Q## Tearsheet Management has touted its investment grade ratings and we note that all three ratings agencies could downgrade RRD one notch, and allow the company to maintain IG ratings.While we expect total acquisitions...70106474YesC21Tearsheet1727tearsheets/premium166/4/2008 4:05:11 PM15070106Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-25273148newstex/PRN-0005-25273148xml NEW YORK, May ##, May ##, #### (PR Newswire delivered by Newstex) -- NEW YORK, May ## /PRNewswire-FirstCall/ -- EDGAR Online, Inc. (Nasdaq: EDGR) and RR Donnelley (NYSE: RRD) announced their support for the SEC proposed rule made public...04000000040060005/14/2008 3:16:32 PM18000000180250001900000019001000PR Newswire USPRN-0005-25273148DONNELLEY R R & SONS COEDGAR ONLINE INCEDGRRRDNewsNewstexhttp://www.alacrastore.com/storecontent/cs/69060cs/69060norm Cenveo #Q##: Operating and M&A Outlook Getting Cloudier We review #Q## earnings for CVO with an emphasis on M&A, operating fundamentals and the company's loan covenants. We review operational challenges currently facing the envelopes,...690601283YesD0Article172712621571corphy1642High Yield68Earnings Reports - Industrials/Consumer5/8/2008 9:05:00 PM150Cenveo reported first-quarter adjusted EBITDA of roughly $52 million, up from $44 million in the year-ago quarter but down from $81 million in the seasonally stronger fourth quarter.69060Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68967cs/68967norm R.R. Donnelley #Q##: Shareholder Enhancement and Event Risk Trump Weak Fundamentals We discuss R.R. Donnelley's #Q## earnings with an emphasis on operating fundamentals, shareholder enhancement and event risk. We consider M&A opportunities...689671446YesD0Article126215711727corp165868Earnings Reports - Industrials/Consumer5/7/2008 10:06:00 PM150R.R. Donnelley reported first-quarter adjusted EBITDA of $434 million, up from $412 million in the year-ago quarter and meeting analyst expectations.68967Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1820582ccbn/B1820582norm...RRD reported #Q## consolidated net sales of $#.#b and non-GAAP diluted EPS from continuing operations of $#.##. Expects #### total revenue (adjusted for acquisitions) of $##.##-##.##b and non-GAAP diluted EPS from continuing operations of $#.##-#.##. ... 5/6/2008 4:06:00 PMRR Donnelley54.0000EditedQ1 2008 RR Donnelley Earnings Conference Call SummaryRRD10:00am ETBriefB1820582Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/ccbn/T1820582ccbn/T1820582norm...Good morning. I will be your conference operator today. At this time, I would like to welcome everyone to the first quarter #### financial results conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (OPERATOR INSTRUCTIONS) Thank you. Mr. Lieb, you may begin your conference. ... 5/6/2008 11:06:00 AMRR Donnelley54.0000FinalQ1 2008 RR Donnelley Earnings Conference Call TranscriptRRD10:00am ETTranscriptT1820582Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/newstex/BW-0001-25036358newstex/BW-0001-25036358xml CHICAGO, May #, #### (Business Wire) -- Highlights: -- First-Quarter #### GAAP net earnings from continuing operations of $###.# million or $#.## per diluted share vs. net earnings from continuing operations of...040000000401600004016048040160180401604704016001040090000400900204010000040100015/6/2008 9:37:29 AM180000001800800018004000180100001801200018016000Business WireBW-0001-25036358DONNELLEY R R & SONS COTHOMAS J QUINLANRRDNewsNewstexhttp://www.alacrastore.com/storecontent/cs/67829cs/67829norm R.R. Donnelley #Q## Tearsheet Management has touted its investment grade ratings but we are uncertain whether ratings agencies would be willing to keep the company at investment grade so long as net leverage remains below #.#x.Nonetheless,...67829521YesC21Tearsheet1727tearsheets/premium164/22/2008 6:05:30 PM15067829Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68060cs/68060norm Pension Risk in the Paper, Packaging, and Commercial Printing Coverage Universe We assess the pension and OPEB risk facing companies under coverage relative to earnings and market capitalization. We discuss discount rate assumptions...corp/reports23Pensions4/22/2008 12:04:00 AM150While 2007 was a moderately positive year in terms of pension shortfalls in our coverage universe, 2008 does not promise to be the same.3011YesD0Article6113423810011727113741116386311691571176920216481181hy6806022511642High Yield54Euro Markets Issuers68060Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/66348cs/66348norm Paper & Forest Products: Investment Grade Event Risk Recap We review and update key developments in event and operational risk for investment grade producers under coverage. Topics discussed include macro-economic fundamentals, M&A...41113738corp12251654Euro Markets Issuers51LBO3/12/2008 2:05:00 AM150We review developments in event risk and operational risk for investment grade paper & forest products producers under coverage.663482701YesD0Article391001172766348Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/66145cs/66145norm R.R. Donnelley: Updating Relative Value in a Target-Rich Environment We consider relative value for R.R. Donnelley's #-year CDS following the change of our investment recommendation last week. We examine a potential combination between...661451040YesD0Article17271262corp1163/5/2008 11:11:00 PM150We discuss recent widening in the name in the context of event risk related to M&A and a potentially weakening outlook related to slowing economic growth.66145Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/407952_pr_framefitch/407952_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.R. R. Donnelley & Sons Company859798732/28/2008 2:20:00 PM010300000103070085Press ReleaseRRD407952_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/cs/65866cs/65866normR.R. Donnelley #Q##: #### M&A Activity May Increase Event Risk658661498YesD0Article172712621571corp1649M&A Activity2/27/2008 10:10:07 PM150R.R. Donnelley reported fourth-quarter adjusted EBITDA of $448 million, meeting analysts' expectations and up from $343 million in the year-ago quarter.65866Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1750919ccbn/B1750919norm...In about a three-week period during Jan., Co. completed the acquisitions of printers Banta and Perry Judd's. ... 2/27/2008 3:06:00 PMRR Donnelley54.0000EditedQ4 2007 RR Donnelley Earnings Conference Call SummaryRRD10:00am ETBriefB1750919Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/ccbn/T1750919ccbn/T1750919norm...Good morning, my name is Terry and I will be your conference operator today. At this time I would like to welcome everyone to the fourth quarter and full year #### earnings conference call. (OPERATOR INSTRUCTIONS) I will turn the conference over to Mr. Dan Leib. Sir, you may begin. ... 2/27/2008 12:07:00 PMRR Donnelley54.0000FinalQ4 2007 RR Donnelley Earnings Conference Call TranscriptRRD10:00am ETTranscriptT1750919Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/bir/302550bir/302550normR.R. Donnelley and Sons Co.Meridith-Burda Cos.Donnelley R.R. and Sons Co.R.R. Donnelley and Sons CompanyCommunicolorWallace Computer Services Inc.Banta Direct Marketing Inc.Banta Corp.BANTA Catalog GroupBanta Global Turnkey GroupBANTA Specialty Converting L.L.C.BANTA Book GroupBanta Integrated MediaMeadows Publishing SolutionsR R DonnelleyIRIDIOGood Decal Company Inc.Moore Wallace Inc.PTC Electronics Prepress Corp.Moore North AmericaUnited StatesManufacturing: Gravure printing of catalogs, newspaper inserts, magazines, books, directories, computer documentation and financial printing, binding and typesetting.27542721273227413231113231175111205111402417IMRRD1/29/2008 6:50:00 AM302550Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/moodys/COP_243500moodys/COP_243500htmlCredit Opinion1/2/2008 7:28:33 PMGlobal Credit Research Credit Opinion ## DEC #### Credit Opinion: R.R. Donnelley & Sons Company R.R. Donnelley & Sons Company Chicago, Illinois, United States Ratings Category Moody's Rating Outlook Negative Issuer Rating Baa# Sr Unsec...R.R. Donnelley & Sons Company243500150.0000NewshtmlR.R. Donnelley & Sons CompanyCOP_243500Credit & Investment ResearchMoody's Global Credit Research