Fitch Ratings give Euronet a Positive Outlook Status
Fitch Ratings give Euronet a Positive Outlook Status
Fitch Ratings give Euronet a Positive Outlook Status LEAWOOD, KANSAS — May 23, 2002 — Euronet Worldwide, Inc. (NASDAQ: EEFT), a leading provider of secure electronic financial transaction solutions, today announced that it has had a Positive Rating Outlook put in place by Fitch Ratings. This Outlook is an improvement from the Rating Watch Negative status that had been in place since June 2000.
As reported by Fitch, the removal of the rating from Rating Watch Negative and the establishment of a Positive Outlook reflect the consistent improvement in Euronet's operating performance over the past 18 months and, importantly, the strong liquidity the company now enjoys following a number of fund raising events in the first quarter of 2002. Euronet has demonstrated consistent improvement in revenue and margins in its core ATM processing business, with the company having posted four successive quarters of positive EBITDA and a second consecutive quarter of operating profit.
Fitch Ratings affirmed the ‘B-' (B minus) Senior Unsecured and Short-term ‘B' ratings for Euronet, and the ‘B-' (B minus) rating of Euronet's Senior Discount Notes due 2006.
About Euronet Worldwide
Euronet Worldwide is an industry leader in providing secure electronic financial transaction solutions. The company offers financial payment middleware, financial network gateways, outsourcing and consulting services to financial institutions and mobile operators. These solutions enable their customers to access personal financial information and perform secure financial transactions — any time, any place. The company has processing centers located in the United States, Europe and Asia, and owns and operates the largest independent ATM network in Europe. With corporate headquarters in Leawood, Kansas, USA, and European headquarters in Budapest, Hungary, Euronet serves more than 200 clients in 60 countries. Visit our web site at www.euronetworldwide.com.
Contacts:
Media Contact:
Misti Garffie
Euronet Worldwide
913-327-4257
mgarffie@payspot.com
As reported by Fitch, the removal of the rating from Rating Watch Negative and the establishment of a Positive Outlook reflect the consistent improvement in Euronet's operating performance over the past 18 months and, importantly, the strong liquidity the company now enjoys following a number of fund raising events in the first quarter of 2002. Euronet has demonstrated consistent improvement in revenue and margins in its core ATM processing business, with the company having posted four successive quarters of positive EBITDA and a second consecutive quarter of operating profit.
Fitch Ratings affirmed the ‘B-' (B minus) Senior Unsecured and Short-term ‘B' ratings for Euronet, and the ‘B-' (B minus) rating of Euronet's Senior Discount Notes due 2006.
About Euronet Worldwide
Euronet Worldwide is an industry leader in providing secure electronic financial transaction solutions. The company offers financial payment middleware, financial network gateways, outsourcing and consulting services to financial institutions and mobile operators. These solutions enable their customers to access personal financial information and perform secure financial transactions — any time, any place. The company has processing centers located in the United States, Europe and Asia, and owns and operates the largest independent ATM network in Europe. With corporate headquarters in Leawood, Kansas, USA, and European headquarters in Budapest, Hungary, Euronet serves more than 200 clients in 60 countries. Visit our web site at www.euronetworldwide.com.
Contacts:
Media Contact:
Misti Garffie
Euronet Worldwide
913-327-4257
mgarffie@payspot.com