Water color bleeding is typically wrong type of media or plasticizer migration.
(Plasticizer is the chemical that makes pvc and other plastics flexible)
Try wiping a section with denatured alcohol and let dry, if this section prints better then it is probably migration or surface contaimination.
http://www.mutoh.com/kb/entry/27/
Make sure you are using the right media, a good profile for that media, and have your page feed adjustment calibrated for that media.