S&P upgrades Euronet

Standard & Poor's said it raised the counterparty credit rating on Euronet Worldwide Inc. to BB+ from BB, along with its convertible debt to BB- from B+.

The outlook is stable.

The upgrade reflects the company's high-quality earnings, first-mover strategic advantage in multiple markets and a solid funding base, S&P said.

The ratings also consider the firm's progress from 2008 through the first half of 2011 at expanding revenues through new products, the agency said.

Offsetting factors include limited tangible equity, exposure to exchange-rate fluctuations and material debt relative to earnings, S&P said.

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