Business Management

S&P Affirms MoneyGram”s Rating.
Standard & Poor”s Ratings Services affirmed MoneyGram International Inc.”s credit rating on Thursday after the wire-transfer company secured loans to help manage losses in its investment portfolio.

Earlier this week, MoneyGram International sold $760 million in bonds, which are convertible into stock representing nearly four-fifths ownership of the company.

Closing this deal resolves S&P”s concerns for now, the ratings agency said. S&P took MoneyGram”s ‘B+’ rating, which implies ‘highly speculative’ credit quality, off CreditWatch Negative.

S&P said it still may downgrade MoneyGram because of the difficulties in reshuffling the company”s portfolio.

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