Strong position as a major U.S. outsourced card payment processor. Financial institution client concentration. Solid referral channels in the growing merchant acquiring market. Debt reduction prioritized over share repurchases until targeted leverage is attained. Consistent free cash flow generation. Good liquidity. S&P Global Ratings' stable outlook on Columbus, Ga.-based electronic payment processing services provider Total System Services Inc. (TSS) reflects our expectation for mid-single-digit organic revenue growth and relatively stable EBITDA margins over the next two years. We also expect the company will continue to apply much of its free cash flow to debt reduction over the next year. We could raise the rating if the company can maintain consistent revenue growth and EBITDA margin profile, improve client and service
