MoneyGram's EBITDA interest coverage increased to 2.0x as of year-end 2020 from 1.8x in 2019, and leverage--measured as debt to adjusted EBITDA--declined to 6.2x from 7.5x. Despite tough operating conditions due to COVID-19, MoneyGram maintained sufficient covenant cushion, adequate liquidity, and steady operating performance. As a result, we revised our outlook on MoneyGram to stable from negative and affirmed our 'B' issuer credit rating on the company. The stable outlook reflects our expectation for EBITDA interest of 2.0x-3.0x, leverage above 5.0x, and no compliance deficiencies. On March 31, 2021, S&P Global Ratings revised its outlook on MoneyGram International Inc. (MGI) to stable from negative. We also affirmed our long-term issuer credit rating at 'B'. At the same time, we affirmed
