Global agent network that supports a strong market position in the money transfer industry Steady growth of remittance market Strong management of credit risk Improved financial profile after completing a new credit agreement in March 2013 Lack of business diversification and agent concentration Concentrated ownership Regulatory exposure Money transfer business' operating margin lags the market leader's Negative tangible equity Standard&Poor's Ratings Services' ratings on MoneyGram International reflect the firm's business concentration, weaker operating margin compared with the market leader, concentrated ownership, exposure to regulatory risk, and negative tangible equity. MoneyGram's strong market position in the money transfer industry, steady growth of the remittance market, strong management of credit risk, and improved financial profile after it completed a new
