NEW YORK (Standard&Poor's) May 11, 2012--Standard&Poor's Ratings Services said today that it assigned issue-level and recovery ratings to Harland Clarke Holdings Corp.'s proposed $295 million senior secured notes due 2019. We assigned the debt an issue-level rating of 'B+' (the same as the corporate credit rating on Harland Clarke) and a recovery rating of '3', indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default. The company intends to use the proceeds of the new notes, net of fees and expenses, to repay a portion of the extended term loan due 2017. (For the complete recovery analysis, see Standard&Poor's recovery report on Harland Clarke, to be published following this report
