...+ U.S.-based media delivery, payment solution, and marketing services provider Harland Clarke Holdings Corp.'s (HCHC's) outstanding debt has decreased over the past year due to amortization on its extended first-lien term loan. + We are affirming our 'B+' corporate credit rating on HCHC and our 'B-' issue-level rating on the company's senior unsecured debt. The '6' recovery rating is unchanged. + We are also raising our issue-level rating on the company's senior secured first-lien debt to '##-' from 'B+' and revising the recovery rating to '2' from '3'. + The stable rating outlook reflects our expectation that the company's cost savings initiatives will offset modest organic revenue decline, and leverage will remain in the mid- to high-4x area over the next 12 months. We expect the company to make meaningful progress in refinancing its capital structure in 2016. CHICAGO (Standard & Poor's) Dec. 3, 2015--Standard & Poor's Ratings Services said today that it affirmed its 'B+' corporate credit...
