MoneyGram International Downgraded To 'B' From 'B+' On Declining Operating Performance; Outlook Is Stable

MoneyGram International Inc. lowered its earnings guidance for 2018 following weak operating performance and said its deferred prosecution agreement with the U.S. Department of Justice will be extended for an additional 30 months. We are lowering our long-term issuer credit rating on MoneyGram International Inc. to 'B' from 'B+'. The stable outlook reflects our expectation that MoneyGram will operate with debt to EBITDA between 5.5 to 6.0x, successfully amend its senior secured credit facility financial covenants, and continue to improve its compliances functions. NEW YORK (S&P Global Ratings) Nov. 12, 2018--S&P Global Ratings said today it lowered its long-term issuer credit rating on MoneyGram International Inc. to 'B' from 'B+'. The outlook is stable. At the same time, we also

...+ MoneyGram International Inc. lowered its earnings guidance for 2018 following weak operating performance and said its deferred prosecution agreement with the U.S. Department of Justice will be extended for an additional 30 months. + We are lowering our long-term issuer credit rating on MoneyGram International Inc. to 'B' from 'B+'. + The stable outlook reflects our expectation that MoneyGram will operate with debt to EBITDA between 5.5 to 6.0x, successfully amend its senior secured credit facility financial covenants, and continue to improve its compliances functions. NEW YORK (S&P Global Ratings) Nov. 12, 2018--S&P Global Ratings said today it lowered its long-term issuer credit rating on MoneyGram International Inc. to 'B' from 'B+'. The outlook is stable. At the same time, we also lowered our issue rating on MoneyGram's senior secured credit facility due 2020 to 'B' from 'B+'. Our recovery rating of '3' indicates our expectation of a meaningful (50%) recovery in the event of default....

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