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Home : Investment Services : S And P Downgrades MoneyGram
S And P Downgrades MoneyGram Standard & Poor's Ratings Services cut its rating on MoneyGram International Inc. on Friday, saying the money-transfer company's investment deal will pile on too much debt.
The Minneapolis-based company this week said it had to change a deal it has with an investment team that includes Thomas H. Lee Partners and Goldman Sachs. Because MoneyGram broke the terms of the original deal, the company granted a bigger stake at a sweeter price. Under this deal, S&P said MoneyGram's debt could reach $1.1 billion, which is too high to justify its previous rating. S&P cut MoneyGram's rating to "B+" from "BB." The new rating implies MoneyGram's debt is "highly speculative," whereas the previous rating implied "speculative" debt. http://money.cnn.com/news/newsfeeds/ 64 times read
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