S&P affirms Euronet

S&P said it affirmed the issue-level rating on Euronet Worldwide Inc.'s $402.5 million 1.5% convertible debt at BB+ and removed the rating from under criteria observation.

The agency said it continues to rate the convertible debt one notch below the issuer credit rating, due to the subordinate position of the convertible notes by the senior secured revolving credit facility and term loan.

S&P said the actions stem solely from the application of its revised recovery criteria and do not reflect any change in the assessment of the corporate credit rating.

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