Standard&Poor's Ratings Services' rating on Harland Clarke Holdings Corp. (HCH) reflects the company's high debt leverage, exposure to a secular shift from print check usage (to alternative forms of payment), and the aggressive financial policy of the company's parent. These factors are somewhat mitigated by the company's stable cash flow generation and increased diversification following acquisitions in recent years. In addition, the rating incorporates the credit quality of M&F Worldwide Corp. (MFW), the parent of HCH, and the expectation that MFW will continue to maintain an aggressive financial policy of debt-financed acquisitions. For the year ending Dec. 31, 2009, year-over-year revenue and EBITDA (adjusted for one-time charges) decreased 4.6% and increased 8.3%, respectively, and 2009 EBITDA margin increased
