Visa Inc. and Mastercard Inc. have added to their already strong profitability, maintained minimal leverage, and continued to move toward resolving their outstanding legal and regulatory cases. We are revising our outlooks on our 'A+/A-1' ratings on Visa and our 'A/A-1' ratings on Mastercard to positive from stable. We could raise either or both ratings in the next two years if these companies maintain their strong financial performance, resolve additional legal and regulatory cases without higher-than-expected losses, and avoid major new legal or regulatory challenges. A higher rating would also be contingent on no new material evidence emerging that advances in financial technology from competitors could weaken their businesses. On Nov. 14, 2017, S&P Global Ratings revised its outlooks on
