The rating reflects Columbus, Ga.-based credit card processor Total System Services Inc.'s (TSYS) leading market position in growing U.S. merchant payment processing markets, partly offset by our expectation for lower growth prospects in certain card issuing services markets, which result in our assessment of the company's business risk profile as "satisfactory." Our expectation that TSYS will maintain a moderate leverage profile result in our assessment of the company's financial risk profile as "intermediate." We score TSYS' liquidity profile as "adequate" and its management and governance as "satisfactory." With latest-12-month revenues through September 2012 of about $1.9 billion, TSYS' satisfactory business profile reflects its defensible market position as one of the leading providers of card processing services for financial institutions and
