On June 30, 2004, Standard&Poor's Ratings Services assigned its 'BBB' long-term counterparty credit rating to Minneapolis, Minn.-based MoneyGram International Inc. (MoneyGram). The outlook is stable. The rating reflects MoneyGram's 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 the company's low amount of tangible equity, lack of earnings growth in recent quarters, and lack of track record operating as an independent public entity. MoneyGram is being spun off to the investors of its parent, Viad Corp. MoneyGram is a global provider of funds transfers and payment services. The company has significant market presence, as
