Global Payments Inc.'s Proposed Senior Unsecured Notes Rated 'BBB-'

NEW YORK (S&P Global Ratings) Feb. 19, 2021--S&P Global Ratings today assigned its 'BBB-' issue-level rating to Global Payments Inc.'s proposed senior unsecured notes. We expect this to be a leverage-neutral transaction. The company will use the net proceeds to repay existing debt, including to redeem the $750 million notes due on April 1, 2021. Our 'BBB-' issuer credit rating on Global Payments is unchanged. The rating reflects our view of the company's strong market position, robust omnichannel payment solutions, and a cash generative credit card issuer processing business. These factors are offset by highly competitive industry conditions and large exposure to small and midsize merchants that will continue to experience pressure throughout the COVID-19 pandemic. Additionally, Global Payments generates

...February 19, 2021 NEW YORK (S&P Global Ratings) Feb. 19, 2021--S&P Global Ratings today assigned its '###-' issue-level rating to Global Payments Inc.'s proposed senior unsecured notes. We expect this to be a leverage-neutral transaction. The company will use the net proceeds to repay existing debt, including to redeem the $750 million notes due on April 1, 2021. Our '###-' issuer credit rating on Global Payments is unchanged. The rating reflects our view of the company's strong market position, robust omnichannel payment solutions, and a cash generative credit card issuer processing business. These factors are offset by highly competitive industry conditions and large exposure to small and midsize merchants that will continue to experience pressure throughout the COVID-19 pandemic. Additionally, Global Payments generates strong free cash flow and has balanced acquisition and shareholder return policies. The stable outlook reflects our expectation of accelerating sequential revenue growth...

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