Moody's cuts MoneyGram

Moody's Investors Service said it downgraded the corporate family rating of MoneyGram International to B1 from Ba3 and kept the rating under review for further downgrade.

According to Moody's, the downgrade reflects the increased leverage associated with losses from the company's disposed investment portfolio that led to closing a recapitalization agreement with an investment group led by Thomas H. Lee Partners and Goldman, Sachs & Co.

The rating is supported by a strong market position in the core money transfer business and a positive outlook for the funds remittance industry globally, the agency said.

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