U.S. check printer Harland Clarke Holdings is amending its credit agreement and extending $1 billion of its term loan to 2017 from 2014. We are assigning the extended term loan our 'B+' issue-level rating with a recovery rating of '3'. At the same time, we are affirming our 'B+' corporate credit rating on the company. The stable outlook incorporates our expectation that the company's leverage will not meaningfully increase and its sources of liquidity, including discretionary cash flow generation, will more than sufficiently cover the higher mandatory amortization and interest payments. On May 1, 2012, Standard&Poor's Ratings Services assigned San Antonio, Texas-based Harland Clarke Holdings Corp.'s (HCHC) proposed $1 billion term loan due 2017 its issue-level rating of
