S&P cuts Western Union

Standard & Poor's said it lowered its long-term issuer credit rating on Western Union Co. to BBB+ from A-.

At the same time, the agency said it revised the outlook to negative from stable.

"The downgrade is based on the increasingly competitive market for money transfer, price cutting that we expect to limit earnings over the next year, compliance changes that have affected the U.S. to Mexico and other Latin American money-transfer corridors and management's decision to increase dividends and share repurchases despite the more challenging conditions," said S&P credit analyst Igor Koyfman in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.