Position as one of the three largest check printers in the U.S.; Long-term customer relationships with several large financial institutions; Credit measures in line with the ratings; and Adequate liquidity. Participation in the declining check printing industry; and Subjection to highly competitive industry dynamics. The ratings on Clarke American Corp. (CAC) reflect the consolidated credit quality of M&F Worldwide Corp. (MFW), which owns 100% of CAC, and the expectation that management will continue to seek acquisitions at the parent level. The ratings also consider the long-term prospects for declining check printing volumes, the expectation for high competition between the three largest check printing companies as they pursue one another's customers, and CAC's customer concentration with Bank of America Corp. These
