The rating on Columbus, Ga.-based Total System Services Inc. (TSYS) reflects our expectation that the company's good position in the global payment processing industry will enable it to maintain consistent profitability and a moderate leverage profile. In our view, the company has a satisfactory business profile, reflecting a strong position in the N.A. market for credit payment-processing and merchant-acquiring services. Key competitive differentiators are the company's technology, process efficiency, and delivery capabilities. This market strength enables TSYS to generate a sizable stream of recurring revenues and capture operational economies of scale. TSYS reported revenues of $1.7 billion in fiscal 2010, up 2.4% from the prior year. (TSYS was spun off from parent Synovus Financial Corp. in late 2007 and is
