U.S. check printer and marketing services company Harland Clarke Holdings Corp. (HCHC) has announced a definitive merger agreement to acquire Valassis Communications Inc. Our 'B+' corporate credit rating on Harland Clarke remains on CreditWatch with negative implications, where we originally placed the rating on July 25, 2013, following the company's plan to sell subsidiary Harland Financial Solutions. The CreditWatch listing now reflects the potential for a weaker business mix. In assessing the listing, we will evaluate the business risk profile of the combined companies. On Dec. 20, 2013, Standard&Poor's Ratings Services said that its 'B+' corporate credit rating on U.S. check printer and marketing services company Harland Clarke Holdings Corp. (HCHC), together with all issue-level ratings, remain on
