Exposure of both primary business segments, Harland Clarke and Valassis to structural pressures. Modest to minimal organic revenue growth. Steady discretionary cash flow generation. Low capital expenditures. Adjusted leverage in the mid to low 4x area. Propensity for acquisitions. Private equity ownership, which suggests a continued leveraged investment strategy. The stable outlook reflects our expectation that HCHC will achieve flat to slightly positive organic revenue growth, and leverage will decline to the low 4x area over the coming 12 to 24 months. Continued organic growth and synergy realization at Valassis outpacing declines at Harland Clarke's traditional check printing business could lead to a stronger business risk profile assessment, and result in an upgrade. In addition, we would need to be
