Standard&Poor's Ratings Services' ratings on MoneyGram International reflect the firm's business concentration, weaker operating margin compared with the market leader, concentrated ownership, exposure to regulatory risk, and negative tangible equity. MoneyGram's strong market position in the money transfer industry, steady growth of the remittance market, strong management of credit risk, and improved financial profile after it completed a new credit agreement in March 2013 partially mitigate these weaknesses. Dallas-based MoneyGram operates two business segments: Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment, which generates more than 90% of total revenues, provides money transfer and bill-payment services to consumers through a network of 327,000 agent locations. MoneyGram (5% market share) and competitor Western Union (15%)
