MoneyGram International's 2013 credit agreement requires that the current secured leverage covenant, measured quarterly, step down from 4.25x to 3.75x on Jan. 1, 2017. We are revising our rating outlook on MoneyGram to negative from stable. At the same time, we are affirming our issuer credit rating on the company at 'B+' and our issue rating on its senior secured notes at 'B+'. The negative outlook reflects the possibility of reduced financial flexibility that could materialize as a result of a breach of its secured leverage covenant. On April 22, 2016, Standard&Poor's Ratings Services revised its outlook on MoneyGram International to negative from stable. At the same time, we affirmed our 'B+' issuer credit and senior secured debt
