Position as one of the two largest check printers in the U.S. Long-term customer relationships with several large financial institutions Credit measures in line with the ratings Adequate liquidity Participation in the declining check printing industry Subjection to highly competitive industry dynamics The 'B+' rating reflects Harland Clarke Holdings Corp.'s high pro forma debt leverage, continued risk surrounding the realization of cost synergies, and vulnerability to volume declines in the check printing industry. In addition, the rating incorporates the credit quality of M&F Worldwide Corp. (MFW), the parent of Harland Clarke Holdings, and the expectation that MFW will continue to maintain an aggressive financial policy. These factors are mitigated by improved market position following the merger with John H. Harland,
