On Nov. 15, 2005, Standard&Poor's Ratings Services assigned its 'B+' corporate credit rating to Clarke American Corp (CAC). At the same time, Standard&Poor's assigned its 'B+' bank loan rating and recovery rating of '3' to the company's proposed $480 million senior secured credit facilities, indicating the expectation of a meaningful (50%-80%) recovery of principal in the event of a payment default. The facilities consist of a $40 million five-year revolving credit facility and a $440 million six-year term loan B. Standard&Poor's also assigned its 'B-' rating to the company's planned $175 million eight-year senior unsecured notes. The proposed senior unsecured notes are rated two notches below the corporate credit rating, due to the high
