Good cash-flow generation Low leverage Strong coverage ratios Solid market position Lack of track record as an independent public company High level of intangible assets Earnings subject to interest rate risk The rating reflects MoneyGram International's (MoneyGram) competitive position in its marketplace, its continued low level of credit and currency risk, its reasonable leverage relative to the risks, its acceptable operating margins, and its well-balanced revenue mix. Offsetting factors include lack of earnings growth in recent quarters and lack of track record operating as an independent public entity. On June 30, 2004, MoneyGram was spun off to the investors of its former parent; Viad Corp. MoneyGram is a global provider of funds transfers and payment services. The company has significant
