U.S.-based media delivery, payment solution, and marketing services provider Harland Clarke Holdings Corp.'s (HCHC's) outstanding debt has decreased over the past year due to amortization on its extended first-lien term loan. We are affirming our 'B+' corporate credit rating on HCHC and our 'B-' issue-level rating on the company's senior unsecured debt. The '6' recovery rating is unchanged. We are also raising our issue-level rating on the company's senior secured first-lien debt to 'BB-' from 'B+' and revising the recovery rating to '2' from '3'. The stable rating outlook reflects our expectation that the company's cost savings initiatives will offset modest organic revenue decline, and leverage will remain in the mid- to high-4x area over the next 12 months. We
