Agent concentration and lack of business diversification Money transfer business' operating margin, which lags the market leader's Steady growth of remittance market Global agent network that supports a strong market position in the money transfer industry We expect MoneyGram to sustain debt leverage metrics in line with a highly leveraged financial risk profile MoneyGram's private equity owners, Thomas H. Lee Partners L.P. (THL) and The Goldman Sachs Group, will pursue an exit strategy at some point, which may involve additional debt for the company We expect the company to make large investments in its compliance platforms, self-service channels, and restructuring to reduce its cost base The negative outlook reflects the potential for MoneyGram to violate its quarterly covenant compliance requirements
