U.S. check printer and software services company Harland Clarke Holdings Corp. announced that it entered into a definitive agreement to sell Harland Financial Solutions (HFS) to Davis + Henderson Corporation. We are placing our 'B+' rating on the company on CreditWatch with negative implications. The CreditWatch listing reflects our view that the transaction could result in a weaker business profile. The divested business is Harland Clarke's only growing segment and there is considerable uncertainty regarding the use of the proceeds from the sale. We could lower the rating based on our review of the remaining businesses and expectation of the use of the proceeds. On July 25, 2013, Standard&Poor's Ratings Services placed its 'B+' rating on Harland Clarke
