The rating on MoneyGram International (MoneyGram) reflects MoneyGram's solid competitive position in its marketplace, its low leverage, and its strong interest coverage metrics. The large amount of goodwill MoneyGram carries and its exposure to a flatter yield curve limit the rating. Furthermore, the firm's growing Global Funds Transfer segment may suffer if price competition emerges as its market expands. MoneyGram is exposed to credit and currency risks. Credit risk exposure to transfer agents is granular, and credit risk to invested assets is de minimis. Foreign exchange risk is diversified across a basket of currencies and is well managed. MoneyGram, which has operated as a stand-alone company since a spin-off in June 2004, has two business segments: Global Funds Transfer and
