The rating on Columbus, Ga.-based Total System Services Inc. (TSYS) reflects our expectation that the company's leading market positions in card issuer and merchant payment processing markets will enable it to maintain consistent profitability and a moderate leverage profile. In our view, the company has a "satisfactory" (as defined by our criteria) business profile, reflecting a strong position in the North American market for both card issuer services and merchant processing 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. Considering industry consolidation, pricing pressure, low revenue growth prospects within the North American market for outsourced card
