NEW YORK (Standard&Poor's) April 30, 2009--Standard&Poor's Ratings Services today revised its recovery rating on Harland Clarke Holdings Corp.'s senior secured credit facilities to '3', indicating our expectation of meaningful (50% to 70%) recovery for lenders in the event of a payment default, from '2'. In addition, we lowered the issue-level rating on these loans to 'B+' (at the same level as the 'B+' corporate credit rating on the company) from 'BB-', in accordance with our notching criteria for a recovery rating of '3'. (For the complete recovery analysis, see Standard&Poor's recovery report on Harland Clarke, to be published on RatingsDirect immediately following the release of this report.) "The revised recovery rating is attributable to
