Moody’s Projects the Future of Transaction and Advertising Mail
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Alan Robinson
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In assigning a rating on new debt issued by Harland Clarke to cover the purchase of Valassis, Moody’s made an assessment of a business that is primarily dependent on check printing and mail advertising. Its comments suggests that Wall Street sees both the transaction and advertising mail businesses as profitable but in a secular decline. More importantly for holders of bonds due in 2021, Moody’s expects the secular decline in both checks and mail advertising to accelerate towards the end of the decade. Harland Clarke’s B2 Corporate Family Rating reflects Moody’s ongoing concern that the combined business model is subject to secular decline in both its check printing and Valassis’ [...]
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