Standard&Poor's Ratings Services' ratings on MoneyGram International reflect the firm's lack of business diversification and significant agent concentration in its Global Funds Transfer segment. Additional considerations include the operating margin of its money transfer business, which lags the market leader's, and its exposure to regulatory risk. MoneyGram's strong market position in the money transfer industry is the primary positive ratings factor, in our view. The ratings also benefit from the company's improved financial profile since its recapitalization in 2011. MoneyGram's core business segment is its Global Funds Transfer segment (includes money transfers and bill pay), which generates more than 90% of total revenues. In this segment, the top-10 relationships contribute 45% of total company revenue (for the year
