The rating reflects MoneyGram International's (MoneyGram) competitive position in its marketplace, its continued low level of credit and currency risk, its reasonable leverage relative to the risks, its acceptable operating margins, and its well-balanced revenue mix. Offsetting factors include lack of earnings growth in recent quarters and lack of track record operating as an independent public entity. On June 30, 2004, MoneyGram was spun off to the investors of its former parent; Viad Corp. MoneyGram is a global provider of funds transfers and payment services. The company has significant market presence, as it is one of the country's top providers of money orders, money transfer, official checks, and urgent bill payment services. Although tangible equity is minimal, leverage is not
