Agent concentration and lack of business diversification Money transfer business' operating margin lags the market leader's Steady growth of remittance market Global agent network that supports a strong market position in the money transfer industry Expectation of debt leverage metrics in line with a "highly leveraged" financial risk profile, according to our calculation Possible additional debt as a result of private equity owners, Thomas H. Lee Partners L.P. (THL) and Goldman Sachs, pursuing an exit strategy at some point Expectation of large investments in compliance platforms, self-service channels, and restructuring to reduce cost base The stable outlook reflects Standard&Poor's Ratings Services' expectation for continued growth in MoneyGram International's U.S. outbound and non-U.S. money transfer transactions, coupled with expansion
