U.S. payment processing hardware and services provider VeriFone Systems Inc. has reduced its adjusted leverage to the mid-2x area over the past year through EBITDA growth and debt reduction. We are raising our corporate credit rating on VeriFone to 'BB' from 'BB-.' We are also raising our issue-level ratings on the company's first-lien credit facilities to 'BB+' from 'BB' as a result of the raised corporate credit rating. The stable outlook reflects VeriFone's shared leading position in the global payment systems markets and our expectation that its adjusted leverage will remain between 2x and 3x over the coming year. On June 23, 2015, Standard&Poor's Ratings Services raised its corporate credit rating on San Jose, Calif.-based VeriFone Systems Inc.
