NEW YORK (Standard&Poor's) Nov. 15, 2005--Standard&Poor's Ratings Services assigned its 'B+' corporate credit rating to Clarke American Corp (CAC). At the same time, Standard&Poor's assigned its 'B+' bank loan rating and recovery rating of '3' to the company's proposed $480 million senior secured credit facilities, indicating the expectation of a meaningful (50%-80%) recovery of principal in the event of a payment default. Standard&Poor's also assigned its 'B-' rating to the company's planned $175 million eight-year senior unsecured notes. Proceeds from the credit facilities and senior unsecured notes, together with a $200 million contribution from M&F Worldwide Corp. (MFW), will be used primarily to complete the acquisition of CAC by MFW. Upon completion
