On March 27, 2008, Standard&Poor's Ratings Services affirmed its 'B+' long-term counterparty credit rating on MoneyGram International. The rating was removed from CreditWatch with negative implications, where it was placed March 14, 2008. The outlook is negative. The affirmation follows MoneyGram's announcement on March 25, 2008, that it successfully closed a recapitalization transaction with an investment group led by affiliates of Thomas H. Lee Partners and Goldman Sachs. The investors purchased $760 million of Series B and Series B-1 Preferred Stock, convertible into 79% of MoneyGram's common equity, at an initial conversion price of $2.50 per share. Affiliates of Goldman Sachs ($500 million) and other investors ($250 million) provided debt financing. MoneyGram also had $250 million outstanding under
