NEW YORK—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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