MoneyGram's largest money transfer agent, Wal-Mart, announced that it has partnered with Ria to provide Wal-Mart-to-Wal-Mart U.S.-only money transfers at a cost below MoneyGram's existing Wal-Mart prices. As a result, we expect a sharp decline in MoneyGram's U.S.-to-U.S. money transfer revenues. We are revising our outlook to negative from stable and affirming the issuer credit rating and senior secured issue rating at 'BB-'. The negative outlook reflects an increasingly competitive money transfer industry, which we believe could counteract any material benefit in earnings that relate to moderate improvements in the global economy and an increase in MoneyGram's global agent locations. NEW YORK (Standard&Poor's) April 21, 2014--Standard&Poor's Ratings Services said today that it revised its outlook on
