Strong position in the fragmented market for payment processing and merchant acquiring services; High barriers to entry; and Moderate financial policy, predictable cash flow, and solid profitability measures. Pricing pressure from competitors and industry consolidation; and Potential for moderate acquisition activity or shareholder friendly initiatives. Columbus, Ga.-based Total System Services Inc. (TSYS) has been spun off from parent Synovus Financial Corp. and is a fully independent company. Prior to the spin-off, and in accordance with the agreement and plan of distribution, TSYS has agreed to pay a one-time aggregate cash dividend of $600 million. TSYS expects that the dividend will be funded by a combination of cash on hand and the use of a revolving credit facility. Standard&Poor's
