Columbus, Ga.-based Total System Services Inc. (TSYS) has been spun off from parent Synovus Financial Corp. and is a fully independent company. Prior to the spin-off, and in accordance with the agreement and plan of distribution, TSYS has agreed to pay a one-time aggregate cash dividend of $600 million. TSYS expects that the dividend will be funded by a combination of cash on hand and the use of a revolving credit facility. Standard&Poor's Ratings Services' investment-grade rating on TSYS reflects the company's strong position in the fragmented market for payment processing and merchant acquiring services, which translates into a sizable stream of recurring revenues and good cash flow generation. With total revenues of about $1.8 billion in 2007,
