Unparalleled market share position and very strong franchise. Diversified recurring business model with potential for synergies from innovation and cross-selling. Legal disputes and regulatory pressure. Continued 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. Synergies from integration with Visa Europe. Minimal financial risk profile with leverage below 1.5x and funds from operations (FFO) to debt above 60%. Very strong profitability and cash flow generation through recent downturn. Extremely large, diversified member base, with modest growth in exposures to some geographies that are undergoing a period of adjustment and stress. Collateralization of only the lowest-quality exposures. The stable outlook reflects S&P Global
