Standard&Poor's Ratings Services derives its 'BBB+' corporate credit rating on Total System Services Inc. (TSYS) from: Our anchor of 'bbb+', based on our "satisfactory" business risk and "modest" financial risk profile assessments for the company. Our modifiers for comparable rating analysis, which had no impact on the rating outcome. Position as one of the leading providers of U.S. payment card issuing and merchant processing services; Solid growth in merchant and debit card services, partially offset by lower growth in mature card issuing markets; and Financial institution client concentration. Moderate acquisition appetite within a 2x gross leverage target; Free cash flow of about $400 million over the coming year; and Adequate liquidity. Our stable outlook on TSYS reflects the
