<SUBMISSION>
<ACCESSION-NUMBER>0000950123-08-015501
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20081113
<ITEMS>8.01
<FILING-DATE>20081114
<DATE-OF-FILING-DATE-CHANGE>20081114
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BOWNE & CO INC
<CIK>0000013610
<ASSIGNED-SIC>2750
<IRS-NUMBER>132618477
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-05842
<FILM-NUMBER>081192777
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>55 WATER STREET
<CITY>NEW YORK
<STATE>NY
<ZIP>10041-0006
<PHONE>2129245500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>55 WATER STREET
<CITY>NEW YORK
<STATE>NY
<ZIP>10041-0006
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y72691e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of Earliest Event Reported): November&nbsp;12, 2008</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Bowne &#038; Co., Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">(Exact name of registrant as specified in its charter)</FONT></DIV></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1-05842
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13-2618477</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">55 Water Street, New York, New York
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10041</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: 212-924-5500</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Not Applicable</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">Former name or former address, if changed since last report</FONT></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>










<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "Item&nbsp;8.01 Other Events" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01 Other Events.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;12, 2008, Standard &#038; Poor&#146;s Ratings Services placed its &#145;BB-&#146; rating for Bowne &#038; Co.,
Inc. (&#147;the Company&#148;) on CreditWatch with negative implications. Standard &#038; Poor&#146;s expects to resolve the
CreditWatch listing in the next 30&nbsp;days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;14, 2008, Moody&#146;s Investor Services downgraded the corporate family of Bowne &#038; Co.,
Inc. to Ba3 from Ba2 and the rating on its convertible subordinated notes to B2 from B1. Moody&#146;s
also placed these ratings under review for further downgrade. The new
ratings reflect the same credit rating that the Company had before
Moody&#146;s upgraded its corporate family rating to Ba2 from  Ba3 in
April 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Copies of the press releases released by Standard &#038; Poor&#146;s and Moody&#146;s are being furnished as
Exhibit&nbsp;99.1 and 99.2 to this Current Report on Form 8-K.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Bowne &#038; Co., Inc.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left"><I>November 14, 2008</I>&nbsp;</TD>
    <TD valign="top"><I>By:</I>&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>John J. Walker</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><I>Name:</I>&nbsp;&nbsp;</TD>
    <TD align="left"><I>John J. Walker</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><I>Title:</I>&nbsp;&nbsp;</TD>
    <TD nowrap align="left"><I>Senior Vice President
and Chief Financial Officer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y72691exv99w1.htm
<DESCRIPTION>EX-99.1: PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Page 1
of 2
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Global Credit Research<BR>
Rating Action</B><BR>
14 NOV 2008
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="y72691y7269101.gif" alt="(MOODY&#146;S LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Rating Action: Bowne &#038; Co., Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Moody&#146;s downgrades Bowne CFR to Ba3, ratings under review for further downgrade</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New York, November&nbsp;14, 2008 &#151; Moody&#146;s Investors Service downgraded the corporate family rating
of Bowne &#038; Co., Inc. (Bowne) to Ba3 from Ba2 and the rating on its convertible subordinated
notes to B2 from B1. The downgrade incorporates the negative impact of the deteriorating
performance in Bowne&#146;s Capital Markets segment on credit metrics, as well as a weakened
liquidity profile. Moody&#146;s expected the company&#146;s business diversification to enable it to
withstand a downturn in the capital markets, but the severity and prolonged nature of the
current decline exceeds previous expectations. Furthermore, Bowne utilized its revolver to fund
the repayment of the majority of its bonds when bondholders exercised put rights in October.
While total debt increased only modestly (due to acquisitions), the revolver usage has reduced
external liquidity sources, and the weak operating performance, combined with use of cash for
acquisitions, has eroded Bowne&#146;s internal sources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moody&#146;s also placed ratings under review for further downgrade. In resolving the review,
Moody&#146;s will evaluate the cash costs and potential benefits of management&#146;s restructuring
plans, the outlook for its business in 2009, and the impact of these on the liquidity
profile. Given the company&#146;s seasonal pattern of cash usage in the first half of the year,
Moody&#146;s will focus on the company&#146;s plans to manage cash needs during this time. A summary of
today&#146;s actions follows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bowne &#038; Co., Inc.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Probability of Default Rating, Downgraded to Ba3 from Ba2
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Corporate Family Rating, Downgraded to Ba3 from Ba2
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Subordinate Convertible Bonds, Downgraded to B2, LGD6, 96% from B1, LGD5, 88%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Outlook, Changed To Rating Under Review From Stable
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bowne&#146;s Ba3 corporate family rating reflects the seasonality and volatility of its cash flow and
exposure to the capital markets cycle, which has depressed already modest EBITDA margins, as
well as some vulnerability to the reduction in demand for printed products. Its moderate debt
level, management&#146;s track record of successful integration of acquisitions and implementation of
cost cutting initiatives, and the considerable stream of recurring revenue support the ratings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In April&nbsp;2008, Moody&#146;s upgraded Bowne&#146;s corporate family rating to Ba2 from Ba3, based on
improved free cash flow, some margin improvement, and a moderation in the share repurchase
program, as well as expectations that adequate business diversification would enable the
company to withstand a downturn in capital markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please see the credit opinion to be posted on Moodys.com for more information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bowne &#038; Co., Inc. provides global shareholder and marketing communications services, including
capital markets communications, assistance with the preparation and filing of regulatory and
shareholder communications online and in print, and the creation and distribution of
customized communication on demand. With headquarters in New York, New York, Bowne maintains
60 offices around the globe and has approximately 3,200 employees. Its annual revenue is
approximately $800&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New York<BR>
Karen Berckmann<BR>
Analyst<BR>
Corporate Finance Group

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 2 of 2</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moody&#146;s Investors Service<BR>
JOURNALISTS: 212-553-0376<BR>
SUBSCRIBERS: 212-553-1653

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New York <BR>Andris G. Kalnins<BR>
Senior Vice President<BR>
Corporate Finance Group<BR>
Moody&#146;s Investors Service<BR>
JOURNALISTS: 212-553-0376<BR>
SUBSCRIBERS: 212-553-1653

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><SUP style="font-size: 85%; vertical-align: text-top">&#169;</SUP> Copyright 2008, Moody&#146;s Investors Service, Inc. and/or its licensors including Moody&#146;s Assurance
Company, Inc. (together, &#147;MOODY&#146;S&#148;). All rights reserved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE
COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED,
REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN
ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY&#146;S PRIOR WRITTEN CONSENT.
All information contained herein is obtained by MOODY&#146;S from sources believed by it to be accurate
and reliable. Because of the possibility of human or mechanical error as well as other factors,
however, such information is provided &#147;as is&#148; without warranty of any kind and MOODY&#146;S, in
particular, makes no representation or warranty, express or implied, as to the accuracy,
timeliness, completeness, merchantability or fitness for any particular purpose of any such
information. Under no circumstances shall MOODY&#146;S have any liability to any person or entity for
(a)&nbsp;any loss or damage in whole or in part caused by, resulting from, or relating to, any error
(negligent or otherwise) or other circumstance or contingency within or outside the control of
MOODY&#146;S or any of its directors, officers, employees or agents in connection with the procurement,
collection, compilation, analysis, interpretation, communication, publication or delivery of any
such information, or (b)&nbsp;any direct, indirect, special, consequential, compensatory or incidental
damages whatsoever (including without limitation, lost profits), even if MOODY&#146;S is advised in
advance of the possibility of such damages, resulting from the use of or inability to use, any such
information. The credit ratings and financial reporting analysis observations, if any, constituting
part of the information contained herein are, and must be construed solely as, statements of
opinion and not statements of fact or recommendations to purchase, sell or hold any securities. NO
WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR
FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR
MADE BY MOODY&#146;S IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed
solely as one factor in any investment decision made by or on behalf of any user of the information
contained herein, and each such user must accordingly make its own study and evaluation of each
security and of each issuer and guarantor of, and each provider of credit support for, each
security that it may consider purchasing, holding or selling.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MOODY&#146;S hereby discloses that most issuers of debt securities (including corporate and municipal
bonds, debentures, notes and commercial paper) and preferred stock rated by MOODY&#146;S have, prior to
assignment of any rating, agreed to pay to MOODY&#146;S for appraisal and rating services rendered by it
fees ranging from $1,500 to approximately $2,400,000. Moody&#146;s Corporation (MCO)&nbsp;and its
wholly-owned credit rating agency subsidiary, Moody&#146;s Investors Service (MIS), also maintain
policies and procedures to address the independence of MIS&#146;s ratings and rating processes.
Information regarding certain affiliations that may exist between directors of MCO and rated
entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC
an ownership interest in MCO of more than 5%, is posted annually on Moody&#146;s website at
www.moodys.com under the heading &#147;Shareholder Relations &#151; Corporate Governance &#151; Director and
Shareholder Affiliation Policy.&#148;
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>y72691exv99w2.htm
<DESCRIPTION>EX-99.2: PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Page 1
of 2
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.2</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="y72691y7269102.gif" alt="(STANDARD &#038; POOR&#146;S LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ratings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Back</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 0%; margin-top: 6pt"><B>Bowne &#038; Co. &#145;BB-&#146; Rating Placed On Watch Neg Re: Deteriorating Operation
Trends</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Primary Credit Analyst:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Michael Listner, New York (1)&nbsp;212-438-2788;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><u> michael_listner@standardandpoors.com</U></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secondary Credit Analyst:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ariel Silverberg, New York (1)&nbsp;212-438-1807;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right"><B>Publication date: 12-Nov-08, 14:04:17 EST</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>ariel_silverberg@standardandpoors.com</U></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">Reprinted from  <U>RatingsDirect</U><BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD COLSPAN="3"><u><B>&#149;</B> &nbsp;Current Ratings</u></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NEW YORK (Standard &#038; Poor&#146;s) Nov. 12, 2008&#151;Standard &#038; Poor&#146;s Ratings Services today said that it
placed its &#145;BB-&#146; rating for Bowne &#038; Co. Inc. on CreditWatch with negative implications.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The rating action follows the company&#146;s recently reported financial results for
third-quarter 2008 and reflects our concern that given the current pace of EBITDA declines, mostly
due to significantly lower transactional financial print revenue, we believe that Bowne could face
a deteriorating EBITDA cushion relative to its required 3x total leverage covenant in its senior
credit facility,&#148; said Standard &#038; Poor&#146;s credit analyst Michael Listner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although our expectations for operating performance factored in the highly cyclical nature
of revenue and profitability from capital markets activities, current operating trends
necessitate a reassessment of the company&#146;s cost structure and operating strategies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;In resolving the CreditWatch listing, we will consider expected cash usage over the
intermediate term, compared with available liquidity sources, management&#146;s restructuring actions,
progress in integrating recent acquisitions as well as synergies from these business lines, and
near-to-intermediate term operating expectations in acquired businesses and non-transactional
segments,&#148; he continued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard &#038; Poor&#146;s expects to resolve the CreditWatch listing in the next 30&nbsp;days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Complete ratings information is available to subscribers of
RatingsDirect, the real-time Web-based source for Standard &#038; Poor&#146;s credit ratings, research, and
risk analysis, at www.ratingsdirect.com. All ratings affected by this rating action can be found
on Standard &#038; Poor&#146;s public Web site at www.standardandpoors.com; select your preferred country or
region, then Ratings in the left navigation bar, followed by Credit Ratings Search.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Analytic services provided by Standard &#038; Poor&#146;s Ratings Services (Ratings Services) are the result
of separate activities designed to preserve the independence and objectivity of ratings opinions.
The credit ratings and observations contained herein are solely statements of opinion and not
statements of fact or recommendations to purchase, hold, or sell any securities or make any other
investment decisions. Accordingly, any user of the information contained herein should not rely on
any credit rating or other opinion contained herein in making any investment decision. Ratings are
based on information received by Ratings Services. Other divisions of Standard &#038; Poor&#146;s may have
information that is not available to Ratings Services. Standard &#038; Poor&#146;s has established policies
and procedures to maintain the confidentiality of non-public information received during the
ratings process.
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt ;margin-left: 5pt">Ratings Services receives compensation for its ratings. Such compensation is normally paid either by the issuers of such securities or third parties participating in marketing the securities. While Standard &#038; Poor&#146;s reserves the right to disseminate the rating, it receives no payment for doing so, except for subscriptions to its publications. Additional information about our ratings fees is available at www.standardandpoo
rs.com/usratingsfees.
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