Harland Clarke Holdings Corp. Financial Policy Assessment Revised To Neutral; 'B+' Rating Affirmed

We have reassessed our view of U.S.-based media delivery, payment solution, and marketing services provider Harland Clarke Holding Corp.'s (HCHC's) ultimate owner, MacAndrews&Forbes Inc., as a family-owned firm with a controlling interest in the company instead of a financial sponsor. We are affirming our 'B+' corporate credit rating on HCHC and revising our financial policy assessment to neutral from financial sponsor-5. The stable rating outlook reflects our expectation that HCHC's leverage will remain below 5x, the company will continue to generate good discretionary cash flow, and it will refinance or extend its upcoming debt maturities at similar interest rates at least 12 months before maturity. NEW YORK (S&P Global Ratings) Oct. 25, 2016--S&P Global Ratings said today that

...+ We have reassessed our view of U.S.-based media delivery, payment solution, and marketing services provider Harland Clarke Holding Corp.'s (HCHC's) ultimate owner, MacAndrews & Forbes Inc., as a family-owned firm with a controlling interest in the company instead of a financial sponsor. + We are affirming our 'B+' corporate credit rating on HCHC and revising our financial policy assessment to neutral from financial sponsor-5. + The stable rating outlook reflects our expectation that HCHC's leverage will remain below 5x, the company will continue to generate good discretionary cash flow, and it will refinance or extend its upcoming debt maturities at similar interest rates at least 12 months before maturity. NEW YORK (S&P Global Ratings) Oct. 25, 2016--S&P Global Ratings said today that it affirmed its 'B+' corporate credit rating on San Antonio-based Harland Clarke Holdings Corp. (HCHC) and revised its assessment of the company's financial policy to neutral from financial sponsor-5. The...

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