NEW YORK (Standard&Poor's) July 22, 2014--Standard&Poor's Ratings Services said today that its corporate credit rating and outlook on San Antonio-based payment solutions and marketing services company Harland Clarke Holdings Corp. are unaffected by the company's announcement that it is seeking to amend its loans to allow for the payout of a one-time $200 million dividend to the company's indirect parent entity, McAndrews&Forbes Holdings Inc. The dividend will be funded by a $200 million tack-on to the issuer's 9.25% senior notes due 2021. We estimate that the transaction will increase leverage to roughly 4.7x at the end of 2014 from our previously published expectation of 4.4x, which is still under our 5x leverage threshold for
