...May 7, 2020 NEW YORK (S&P Global Ratings) May 7, 2020--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 and that the company will use the net proceeds for general corporate purposes, including repayment of borrowing under its revolving credit facility. The payment processing industry has come under significant economic stress and transaction volume pressure from the COVID-19 pandemic. Sharply reduced consumer discretionary spending from global lockdowns led to material revenue decline in Global Payments' merchant business since the second half of March; however, transaction volume largely stabilized in late April. We expect year-over-year transaction volume to trough in the second quarter and gradually improve as economic activity in various regions resumes throughout the remainder of the year. This will likely result in sequential, modest improvement in the company's...
