The ratings on payment solutions company Visa Inc. are based on our assessment of Visa's strong global market share position and franchise in the field of retail electronic payment networks, and its relatively low exposure to credit risk. A strong history with negligible financial institutions credit losses to date also supports the ratings. The company's business is highly scalable and revenues continue to benefit from secular growth of dollar volumes and number of transactions processed through its systems, leading to very strong cash flow generation even during the global recession. With the reorganization of Visa in 2007, the member banks of Visa USA agreed to cover the most threatening litigation exposures to Visa under the retrospective responsibility plan. This is
