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. On April 13, 2015, Standard&Poor's Ratings Services 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 'B+' from 'BB-'. The recovery rating
