Moody's: Harland Clarke notes B1

Moody's Investors Service said it assigned a B1 (LGD-3, 39%) rating to Harland Clarke Holdings Corp.'s proposed senior secured note.

Harland's corporate family rating and probability of default rating were unchanged at B2 and the speculative grade liquidity rating remains SGL-2.

The outlook remains stable.

The new senior secured note is expected to fulfill a requirement for the previously announced amend and extend offer where $693 million (after the repayment) of the term loan will be extended to 2017, Moody's said.

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