Leading provider of U.S. payment card issuing and merchant processing services Solid growth prospects for merchant and debit card services, partially offset by lower growth in mature card issuing markets Financial institution client concentration Moderate acquisition appetite Commitment to a 2.0x leverage target through debt reduction, with our expectation of only temporary increases in acquisition spending Good free cash flow, supporting dividend payments and debt-repayment prospects Standard&Poor's Ratings Services' stable outlook on Total System Services Inc. (TSYS) reflects the company's moderate acquisition appetite within its 2.0x leverage framework, with our expectation of only temporary increases in leverage to accommodate acquisition spending. We expect that TSYS will reduce its leverage of about 2.6x (pro forma for the NetSpend acquisition)
