Standard&Poor's Ratings Services' corporate credit rating on San Jose, Calif.-based VeriFone Systems Inc. reflects the company's solid, yet narrowly positioned, market presence in payment processing hardware and related services, its need to respond to evolving technology standards, and appetite for acquisition spending. As a result, we characterize the company's business risk profile as "fair." VeriFone's total addressable market continues to expand, with new devices and mobile payment solutions offering meaningful growth opportunities, especially in emerging markets. Leverage is currently in the low-3x range and has improved over the past year, supported by organic revenue growth. The company has been acquisitive recently and we assume acquisitions will continue to supplement organic growth. We therefore regard VeriFone's financial risk profile
