Solid market position in the money-transfer industry. Investment portfolio generates minimal credit and market risk. High leverage and significant dividend obligations. Agent concentration in Global Funds Transfer segment. Exposure to regulatory risk. The ratings on MoneyGram International are based largely on the increased leverage that the firm incurred in its recapitalization, which closed in early 2008. MoneyGram's solid market position in the money-transfer industry is the primary positive ratings factor. Agent concentration in the Global Funds Transfer segment and regulatory exposure are additional negative ratings factors. MoneyGram has a solid market position in the money transfer industry, which has grown significantly over the past decade. The company's money-transfer franchise consists of approximately 207,000 agent locations, second only to market leader
