S&P changes MoneyGram view to stable

S&P said it revised its outlook on MoneyGram International Inc. to stable from negative and affirmed its long-term issuer credit rating at B.

At the same time, S&P affirmed its B rating on MGI's $645 million first-lien credit facility due 2023 and CCC+ rating on its $245 million second-lien credit facility due 2024.

The recovery rating on the first-lien credit facility is 3, indicating an expectation of a meaningful recovery (65%) in the event of default. The recovery rating on the second-lien credit facility is 6, indicating an expectation of negligible (0%) recovery in the event of default.

“Our outlook revision is based on the company’s steady operating performance despite challenging operating conditions due to Covid-19,” S&P said in a news release.

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