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. 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 207,000 agent locations, second only to market leader Western Union. MoneyGram's other segment, Financial Paper Products, provides money orders to consumers through retail and financial institution locations in the U.S. and Puerto Rico, and provides official check services to financial
