NEW YORK (Standard&Poor's) Dec. 20, 2006--Standard&Poor's placed its 'B+' corporate credit rating on check printing company Clarke American Corp. (CAC) on CreditWatch with negative implications. At the same time, Standard and Poor's affirmed the 'B+' rating on the company's $480 million senior secured credit facility and the 'B-' rating on the $175 million senior unsecured notes, reflecting CAC's plan to refinance these borrowings. The CreditWatch listing reflects the announcement by M&F Worldwide Corp. (MFW; not rated), CAC's parent, to acquire John H. Harland Company, a check printing and software company, for $1.7 billion, including debt assumption. MFW has announced that it has committed financing in place to complete the acquisition and refinance CAC's existing
