Very strong global market share position and franchise Diversified revenue sources Retrospective responsibility plan that fully covers major litigation exposures Legal disputes and regulatory pressure aimed at fundamental aspects of core business principles (interchange) Increasing concentration of issuers and merchants leading to increased bargaining power, revenue, and credit risk concentration High degree of operational risk as Visa processes billions of transactions annually Strong cash flow through the economic cycle Ample debt capacity as measured by ratio of debt to EBITDA Very large, diversified member base Collateralization of only the lowest quality exposures The stable outlook on VISA Inc. reflects Standard&Poor's Ratings Services' expectation that the company's adjusted debt-to-EBITDA multiple will remain below 1x, in line with our "minimal"
