MoneyGram International and Ant Financial have mutually terminated their merger agreement. We have affirmed our long-term issuer credit rating at 'B+' and removed the rating from CreditWatch positive. The stable outlook reflects our expectation that the company will maintain its existing market position in money transfer services and operate with leverage between 4.5x-5.5x. On Jan. 5, 2018, S&P Global Ratings affirmed its 'B+' rating on MoneyGram International. We also removed the rating from CreditWatch, where we placed it with positive implications on Jan. 27, 2017. The outlook is stable. At the same time, we also affirmed our 'B+' rating on MoneyGram's secured debt due 2020. We revised the recovery rating on the notes to '3' from '4', indicating our expectation
