San Antonio, Texas-based HCHC is amending its credit agreement and extending a portion of its term loan to 2017 from 2014. We are assigning ratings to the amended term loan. On May 12, 2011, Standard&Poor's Ratings Services assigned the amended senior secured facilities of Harland Clarke Holdings Corp. (HCHC) its 'B+' issue-level rating (the same as the corporate credit rating on the company). The recovery rating on this debt is '3', indicating our expectation of meaningful (50% to 70%) recovery for lenders in the event of a payment default. The 'B+' corporate credit rating and stable outlook remain unchanged. The 'B+' rating on HCHC reflects our expectation that leverage will remain high, that check printing will continue in
