The ratings on MoneyGram International are based largely on the increased leverage that the firm incurred in its recapitalization, which closed in early 2008. MoneyGram's solid market position in the money-transfer industry is the primary positive ratings factor. We continue to believe that this business would warrant a higher rating if levered more conservatively. Agent concentration in the Global Funds Transfer segment and regulatory exposure are additional negative ratings factors. MoneyGram has a solid market position in the money transfer industry, which has grown significantly over the past decade. The company's money-transfer franchise consists of approximately 186,000 agent locations, second only to market leader Western Union. Robust remittance-market growth has been attributable to increased worldwide migration, as people move outside
