S&P lowers Deluxe

Standard & Poor's said it lowered Deluxe Corp.'s corporate credit and senior unsecured ratings to BB- from BB+ and removed ratings from CreditWatch with negative implications where they were placed on June 30.

The agency said that the downgrade reflects an increase in the expected intermediate- and long-term operating challenges to Deluxe's business segments.

This is primarily a result of very competitive conditions in Deluxe's check printing businesses at a time of accelerating price and volume declines, as well as disappointing progress in generating profitable growth in the company's small business services unit, S&P noted.

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