Moody’s lowers MoneyGram

Moody's Investors Service said it downgraded MoneyGram International, Inc.'s corporate family rating to B2 from B1 and probability of default rating to B3-PD from B2-PD.

The company's senior secured credit facility rating was downgraded to B2 from B1.

The outlook was changed to negative from stable.

“The downgrade of the corporate family rating to B2 reflects financial penalties and ongoing costs resulting from the agreement with Department of Justice, recent adverse trends in MoneyGram's business performance, reduced free cash flow generation, and near-term maturities of MoneyGram's credit facilities,” the agency said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.