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Article: Fitch Downgrades MoneyGram's IDR to 'BBB-'; On Rating Watch Negative.
- Article from:
- Business Wire
- Article date:
- October 19, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Fitch Ratings has downgraded and placed the Issuer Default Ratings (IDRs) and debt ratings for MoneyGram International Inc. (MoneyGram) on Rating Watch Negative as follows:
--Long-term IDR to 'BBB-' from 'BBB';
--Senior unsecured revolving credit facility to 'BBB-' from 'BBB';
--Short-term IDR to 'F3' from 'F2'.
Fitch's action affects approximately $350 million in total debt.
The ratings downgrade and Rating Watch Negative status reflects the following considerations:
--MoneyGram recently drew down the remaining $200mm available under its $250 million revolving credit facility which expires in June 2010 ...