On Nov. 1, 2007, Standard&Poor's Ratings Services assigned its 'BBB' corporate credit rating to Columbus, Ga.-based Total Systems Services Inc. (TSYS). The outlook is stable. TSYS has entered into an agreement and plan of distribution with parent Synovus Financial Corp. (A/Watch Neg/--), under which Synovus plans to distribute all of its shares of TSYS common stock in a spin-off to Synovus shareholders. Under the terms and conditions of the agreement, TSYS will become a fully independent company. Prior to the spin-off transaction, and in accordance with the agreement and plan of distribution, TSYS has agreed to pay a onetime aggregate cash dividend of $600 million. TSYS expects that the dividend will be funded by a combination of cash
