S&P affirms Euronet

Standard & Poor's said it affirmed the BB long-term counterparty credit rating on Euronet Worldwide Inc. and removed all ratings from CreditWatch, where they were placed with positive implications on Dec. 13.

The outlook is positive.

S&P said it affirmed the BB rating on the company's senior-secured $164 million bank loan and $100 million revolver, and the B+ rating on its $140 million unsecured convertible senior notes and on $175 million unsecured subordinated convertible notes.

Ratings were affirmed after the company ended its bid for MoneyGram (BB/Watch negative).

Ratings are driven by strong, high-quality earnings, good first-mover strategic advantage in multiple markets and a solid funding base, the agency said.

Offsetting factors include negative tangible equity levels, exposure to exchange rate fluctuations and significant debt relative to earnings, S&P said.

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