S&P cuts MoneyGram view to negative

Standard & Poor's said it revised its outlook on MoneyGram International Inc. to negative from stable and affirmed the issuer credit rating and senior secured issue rating at BB-.

Wal-Mart has reached an agreement with Ria Financial Services, a subsidiary of Euronet Worldwide Inc., to provide Wal-Mart-to-Wal-Mart U.S.-only money transfers at more than 4,000 of its stores at a cost below MoneyGram's existing Wal-Mart prices.

"We believe that the new service, which will become available April 24, will directly affect MoneyGram's U.S. Wal-Mart-to-Wal-Mart money transfer business, which represents about 13% of MoneyGram's total company revenue," said S&P credit analyst Igor Koyfman in a news release.

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