Position as one of the two largest check printers in the U.S. Credit measures in line with the ratings Adequate liquidity Participation in the declining check printing industry Subject to highly competitive industry dynamics The rating on Harland Clarke Holdings Corp. (HCH) reflects its high debt leverage, and exposure to a secular shift from print check usage to alternative forms of payment. These factors are somewhat mitigated by the company's stable cash flow generation and increased diversification following the John H. Harland and Data Management acquisitions. 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. In fiscal
