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Exhibit 99.2
Ratings
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Bowne & Co. ‘BB-’ Rating Placed On Watch Neg Re: Deteriorating Operation
Trends
Primary Credit Analyst: |
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Michael Listner, New York (1) 212-438-2788; |
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michael_listner@standardandpoors.com |
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Secondary Credit Analyst: |
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Ariel Silverberg, New York (1) 212-438-1807; |
Publication date: 12-Nov-08, 14:04:17 EST |
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ariel_silverberg@standardandpoors.com |
Reprinted from RatingsDirect |
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| • Current Ratings |
NEW YORK (Standard & Poor’s) Nov. 12, 2008—Standard & Poor’s Ratings Services today said that it
placed its ‘BB-’ rating for Bowne & Co. Inc. on CreditWatch with negative implications.
“The rating action follows the company’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,” said Standard & Poor’s credit analyst Michael Listner.
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’s cost structure and operating strategies.
“In resolving the CreditWatch listing, we will consider expected cash usage over the
intermediate term, compared with available liquidity sources, management’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,” he continued.
Standard & Poor’s expects to resolve the CreditWatch listing in the next 30 days.
Complete ratings information is available to subscribers of
RatingsDirect, the real-time Web-based source for Standard & Poor’s credit ratings, research, and
risk analysis, at www.ratingsdirect.com. All ratings affected by this rating action can be found
on Standard & Poor’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.
Analytic services provided by Standard & Poor’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 & Poor’s may have
information that is not available to Ratings Services. Standard & Poor’s has established policies
and procedures to maintain the confidentiality of non-public information received during the
ratings process.