Position as one of the leading providers of U.S. payment card issuing and merchant payment processing services; Solid growth prospects in prepaid card markets and lower growth in the more mature merchant processing and card issuing markets; Financial institution client concentration; and Solid base of recurring processing revenues. Moderate shareholder return posture and acquisition appetite within a 2x gross leverage target; Consistent free cash flow generation; and Adequate liquidity. The stable outlook on Columbus, Ga.-based electronic payment processing services provider Total System Services Inc. (TSYS) reflects our expectation for mid- to high-single-digit revenue growth and stable margins. We also expect good liquidity and consistent free cash flow generation to help fund modest acquisitions or shareholder return activity over the coming
