MoneyGram International Downgraded To 'B+' On Weaker Operating Performance; Outlook Stable

Operating performance at MoneyGram International has weakened over the past several quarters because of heightened competition, resulting in a deterioration in credit metrics. As a result, we are lowering the issuer and issue-level ratings on MoneyGram to 'B+' from 'BB-'. The stable outlook reflects our expectation for continued growth in MoneyGram's U.S. outbound and non-U.S. transactions, coupled with expansion of the self-service money transfer business. NEW YORK (Standard&Poor's) April 13, 2015--Standard&Poor's Ratings Services said today it lowered its issuer credit rating on MoneyGram International to 'B+' from 'BB-'. The outlook is stable. At the same time, we lowered our issue-level ratings on MoneyGram's senior secured $980 million term loan and $150 million revolving credit facility to

...+ Operating performance at MoneyGram International has weakened over the past several quarters because of heightened competition, resulting in a deterioration in credit metrics. + As a result, we are lowering the issuer and issue-level ratings on MoneyGram to 'B+' from '##-'. + The stable outlook reflects our expectation for continued growth in MoneyGram's U.S. outbound and non-U.S. transactions, coupled with expansion of the self-service money transfer business. NEW YORK (Standard & Poor's) April 13, 2015--Standard & Poor's Ratings Services said today it lowered its issuer credit rating on MoneyGram International to 'B+' from '##-'. The outlook is stable. At the same time, we lowered our issue-level ratings on MoneyGram's senior secured $980 million term loan and $150 million revolving credit facility to 'B+' from '##-'. The recovery rating remains '3', indicating our expectation for meaningful (50%-70%) recovery for lenders in the event of a payment default. Our recovery expectations...

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